Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The ZIP code 61262 presents a dynamic rental market that is closely aligned with the Fair Market Rent (FMR) established for the area. The FMR for the zip code in fiscal year 2024 is set at $890, while the market rent, according to Census ACS data, stands slightly higher at $903. This indicates that the rental market is competitive but stable, with landlords pricing their units slightly above the government's benchmark to reflect current market conditions.
The median home value in ZIP 61262 is $266,916, which suggests that homeownership is relatively affordable compared to many other areas. However, the fact that only 10.4% of the population are renters points to a strong preference for homeownership among residents. This low renter share implies that there might be less immediate pressure on rental properties, but it also suggests that long-term housing pressures could build up if the trend towards homeownership continues and supply remains limited.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to determine whether supply is currently outpacing demand or vice versa. However, given the slight premium on market rent over FMR and the modest median home value, it can be inferred that the market is likely balanced, with neither an oversupply nor a shortage of rental units driving significant changes in rent prices or DOM.
In conclusion, ZIP 61262 operates under a stable rental market condition with a slight premium on market rents. The low percentage of renters indicates a preference for homeownership, which could lead to future housing pressures if the trend persists and supply constraints emerge. Landlords and small-portfolio investors should monitor local economic indicators and trends in homeownership to anticipate any shifts in the market dynamics.
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.