Location: Champaign-Urbana, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
1070 is the Fair Market Rent (FMR) for ZIP code 61884 for fiscal year 2024, indicating the maximum amount that Section 8 participants can be charged for a two-bedroom apartment. 349,761 represents the median home value in the area, reflecting the overall property values and potentially influencing rental prices. 4.4% is the proportion of renters in ZIP 61884, suggesting a modest demand for rental properties compared to homeownership. However, landlords should note that 106,250 is the median income level in the region, which is a critical factor in determining the affordability of housing for potential tenants.
The data does not provide a specific market rent figure or days on market (DOM), leaving some ambiguity about the current rental trends and how quickly properties are being leased. Similarly, there is no information on the percentage of price-cut shares, which would give insight into the competitiveness of the rental market. Despite these gaps, the FMR of 1070 provides a solid benchmark for setting rents that comply with Section 8 guidelines.
Landlords and small-portfolio investors in ZIP 61884 can expect a steady but not overly robust rental market given the 4.4% renter share. The median income of 106,250 suggests that many residents might qualify for Section 8 assistance, making it a viable option for those seeking stable, long-term tenants. The lack of detailed market data means that landlords must rely on local knowledge and the FMR to set competitive rents that attract eligible tenants.
A final consideration is the median home value of 349,761, which can influence property taxes and maintenance costs. While the exact impact on rental operations is not specified, it is important for investors to factor in these costs when assessing profitability.
In conclusion, 1070 FMR sets a clear ceiling for rental rates under Section 8, while the 4.4% renter share and 106,250 median income suggest a niche but stable tenant pool. Given the limitations in available market data, Section 8 remains a reliable option for landlords in ZIP 61884.
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.