Location: Champaign-Urbana, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The rent math in ZIP 61816, part of the Champaign-Urbana, IL HUD Metro FMR Area, is favorable but tight. The Fair Market Rent (FMR) set at $1040 for fiscal year 2024 slightly exceeds the reported market rent of $940 according to the Census ACS. This indicates that while landlords can potentially charge closer to the FMR, they should be prepared to compete with market rates.
Regarding acquisition affordability, the data is currently insufficient due to the lack of specific figures for median home values, days on market (DOM), and the percentage of homes needing price cuts. Without these details, it's challenging to provide a comprehensive analysis on the ease or difficulty of purchasing properties in this area.
Tenant demand is moderate. With a total population of 377, the renter share stands at 14.2%. This suggests that there is a consistent need for rental housing, though the number of potential tenants is relatively small given the size of the population.
In summary, the rent math in ZIP 61816 works but offers a narrow margin. While there is tenant demand, it is limited by the small population size. Landlords should proceed cautiously, considering the slight premium they can charge over market rent and the moderate demand for rental units. However, without specific data on property acquisition costs and conditions, making a definitive investment decision remains challenging.
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.