Location: Cleveland, TN | Metro: Cleveland, TN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 37361 reveal a market in flux, influenced by both rental and homeownership factors. The Fair Market Rent (FMR) for the area stands at $970 for the fiscal year 2024, indicating the government's benchmark for affordable rental units. In contrast, the actual market rent reported by the Census ACS is $780. This suggests that the rental market is currently below the FMR, possibly due to an oversupply of rental properties or a preference among residents for homeownership over renting.
The median home value in ZIP 37361 is $311,229. While there is no data on the percentage of price cuts or days on the market (DOM) for rental units, the lower-than-FMR market rent and the median home value together imply a competitive market where homeownership is accessible but rental prices are relatively low. This could be indicative of a situation where the supply of rental units exceeds demand, leading to lower rents.
The 14.9% renter share highlights a significant portion of the population choosing to rent rather than own homes. Although this figure alone doesn't provide a complete picture, it suggests ongoing long-term housing pressure. In areas where the renter share is high, there is often a need for affordable housing options, which can put upward pressure on rents if the supply of affordable rentals is insufficient. However, given the current market rent is below the FMR, it implies that despite the housing pressure, there might still be enough supply to keep rents from rising significantly.
This snapshot indicates a balance between rental and homeownership markets, with the rental segment potentially having more supply than demand. Landlords and small-portfolio investors should consider the accessibility of homeownership and the relatively low rental prices when evaluating potential investments in this area. The presence of a substantial renter share signals a need for diverse housing options, which could present opportunities for those willing to adapt their investment strategies to meet these demands.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.