Location: Golden Valley County, ND | Metro: Billings County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 58645 presents a dynamic rental market, with Federal Market Rent (FMR) set at $960 for fiscal year 2026, indicating a benchmark that reflects the area's economic conditions and cost of living. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $629, suggesting a gap between the government's estimate and the current reality. This discrepancy can be attributed to various factors, including local economic trends, supply and demand imbalances, and landlord pricing strategies.
The absence of data on price-cut share and days on market (DOM) makes it challenging to draw definitive conclusions about the balance between supply and demand. However, the fact that the market rent is lower than the FMR implies that there might be an oversupply of rental units or downward pressure on rents due to economic conditions or other external factors. Landlords should be cautious in setting their rents above the market rate, as tenants may find more affordable options elsewhere.
The 30.3% share of renters in ZIP 58645 signals a significant portion of the population opts for renting over owning. This high percentage of renters can suggest ongoing long-term housing pressures, such as affordability issues or transient demographics. It also indicates a stable rental market, as a substantial number of residents rely on rental properties for their housing needs. For small-portfolio investors, this points towards a steady demand for rental units, which can be beneficial for maintaining occupancy rates and cash flow.
In summary, ZIP 58645 exhibits a rental market where the actual market rent is below the federal benchmark, hinting at potential oversupply or economic challenges. The high renter share suggests a robust demand for rentals, driven by factors that influence housing choices. Landlords and investors should monitor these dynamics closely to adjust their strategies accordingly.
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.