Location: Bloomington, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
The market in ZIP code 61790, located in an unspecified area of Illinois, presents a dynamic landscape that can be inferred from the available snapshot of data. The Fair Market Rent (FMR) for the region is set at $1100 for fiscal year 2024, indicating a stable rental pricing environment that landlords can rely on. However, the absence of specific data points such as market rent, days on market (DOM), and median home value suggests a lack of comprehensive real estate activity records, which could point to either a nascent market or one that is not heavily tracked.
The fact that the price-cut share is listed as N/A implies that there might not be significant competition among landlords to offer lower rents, suggesting that demand could be keeping pace with supply. This is further supported by the unknown percentage of renter share, which if high, would indicate a strong presence of renters in the area, potentially exerting long-term housing pressure due to sustained demand for rental properties.
In a market where supply outpaces demand, one would typically see higher price-cut shares and longer DOM periods as landlords struggle to find tenants. Conversely, in a market where demand outstrips supply, landlords might see fewer price cuts and shorter DOM periods, along with potentially higher rental rates. The current data in ZIP 61790 does not provide enough detail to definitively state which scenario is occurring, but the lack of price-cutting and the established FMR suggest a balanced market with neither extreme oversupply nor undersupply.
The unknown median home value also hints at the nature of the housing stock in the area. If there were a significant amount of recent sales data, we would have a clearer picture of the residential property values. As it stands, the focus on rental dynamics indicates that the area might be more oriented towards renting rather than homeownership, which can influence investment strategies for both landlords and small-portfolio investors looking to capitalize on steady rental income.
The dynamics of ZIP 61790, therefore, seem to be centered around a stable rental market with potential long-term pressure from a high share of renters. Landlords should monitor local economic conditions and job markets to understand how these factors might influence tenant demand and rental stability over time.
Data Sources: FMR data from HUD (2027).
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.