Location: Montgomery County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 62091 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $940 for fiscal year 2024. This figure serves as a benchmark for understanding the rental landscape within the area, indicating the average cost that renters can expect to pay for a modest apartment. While the specific market rent remains unspecified, the absence of detailed price-cutting percentages and days on market (DOM) suggests a stable environment without significant fluctuations.
The lack of precise data on price cuts and DOM points towards a balanced market, where neither supply nor demand overwhelmingly dominates. In such a scenario, landlords and small-portfolio investors can operate with a reasonable level of predictability, knowing that their properties will likely find tenants without needing extensive negotiation or prolonged vacancy periods.
A noteworthy statistic is the 8.3% renter share in ZIP 62091. This percentage indicates that a relatively small portion of the population opts for renting over homeownership. However, it also implies that there is a continuous pressure on rental housing, as even a minor shift in this percentage could lead to significant changes in demand. Landlords should be prepared to adapt to any changes in the local economy or demographics that might influence this share, ensuring they remain competitive in a potentially tight rental market.
In conclusion, ZIP 62091's rental market is characterized by stability and a modest but persistent demand for rental housing. The FMR provides a solid foundation for setting rents, while the low renter share suggests an ongoing need for rental units to accommodate those who prefer or require renting. This makes the area attractive for investors looking to capitalize on steady, predictable returns in the rental sector.
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.