Location: Henry County, IN | Metro: Henry County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 47344 presents a dynamic rental market landscape, driven by the Federal Market Rent (FMR) figure of $960 for fiscal year 2026. This FMR, which is set by HUD for Section 8 purposes, indicates the government's assessment of what constitutes a fair rent in the area. However, the lack of reported market rent figures suggests either a nascent or less documented rental sector, which could imply a variety of conditions including limited data availability or a market that is still forming its equilibrium.
The absence of data on the percentage of price-cut share and days on market (DOM) makes it challenging to pinpoint whether supply or demand is currently the dominant force. Nevertheless, the 5.3% renter share provides insight into the long-term housing pressures within the ZIP code. A lower renter share typically signals a higher proportion of homeowners, which can indicate stability but also suggests a potential challenge for landlords and small-portfolio investors. When homeownership is high, it often means that the community has established residents who have invested in property ownership, leading to fewer rental opportunities and potentially higher competition among renters.
In such a scenario, landlords must be strategic in their property management and pricing strategies to attract and retain tenants. The dynamics of a market with a significant homeowner base mean that rental properties must offer distinct advantages to appeal to the relatively smaller pool of renters. These advantages could include location, amenities, or rental terms that cater to the needs of those preferring to rent over buy.
To fully understand the rental market dynamics in ZIP 47344, further investigation into local economic trends, employment rates, and population growth would be beneficial. These factors influence both the supply and demand sides of the market and provide a clearer picture of the rental environment without relying on speculative forecasts.
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.