Location: Schuyler County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 61501 presents a dynamic rental market that is currently in flux. With a Fair Market Rent (FMR) set at $810 for the fiscal year 2024, it indicates the government's benchmark for affordability in the area. However, the actual market rent as reported by the Census Bureau's American Community Survey stands at $696. This discrepancy suggests that the rental market in 61501 is below the government's threshold, potentially signaling a slight oversupply of rental units or strong competition among landlords.
The median home value in 61501 is $65,990, which is notably low compared to national averages. This figure can be indicative of various factors such as economic conditions, housing stock, and demographic trends. The low median home value could attract first-time buyers and investors looking for affordable entry points into the real estate market.
A significant portion of the population in 61501 is renters, with the renter share being 24.6%. This percentage highlights a substantial demand for rental properties in the area. A higher renter share often correlates with long-term housing pressures, as a considerable number of residents rely on rental properties rather than owning homes. This reliance on rentals can create a steady demand for rental units, which landlords should consider when evaluating the potential stability and growth of their investments in this ZIP code.
The lack of specific data on price-cut share and days on market (DOM) for rental listings makes it challenging to pinpoint exact market trends. However, the combination of FMR and market rent figures, alongside the renter share, paints a picture of a market that is balancing between supply and demand, leaning slightly towards an environment where landlords must compete to attract tenants. For small-portfolio investors, this means focusing on maintaining competitive rents and offering attractive amenities to retain tenants and ensure consistent occupancy rates.
In summary, ZIP 61501 is a rental market characterized by a balance between supply and demand, with a notable presence of renters indicating sustained pressure on available housing. Landlords and investors must remain vigilant and responsive to these dynamics to succeed in this market.
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.