Location: Jefferson County, IL | Metro: Jefferson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The ZIP code 62816 presents a dynamic rental market that is currently in flux. The Fair Market Rent (FMR) for the area stands at $970 for the fiscal year 2026, indicating a benchmark set by the federal government for determining eligibility and payment standards for subsidized housing programs. In contrast, the actual market rent, based on Census ACS data, is recorded at $887. This suggests that the rental market is slightly below the federally recognized fair market rate, which could imply either a temporary adjustment or a sustained trend where landlords are pricing their units competitively.
The 15.2% renter share in ZIP 62816 reveals an interesting insight into the long-term housing pressure. A lower percentage of renters relative to homeowners often indicates a stable or decreasing demand for rental properties. However, it also means that there is a significant portion of the population that is potentially under pressure to find affordable housing. As a landlord or small-portfolio investor, this data point should be considered when evaluating the potential for future rent increases or the need to offer competitive amenities and services to attract tenants.
While specific time-series data such as the percentage of price cuts or days on the market (DOM) are not available, the gap between the FMR and the market rent suggests that there might be a slight oversupply of rental units or that landlords are adjusting their rents downward to match the current market conditions. This scenario could be indicative of a market where supply is beginning to outpace demand, leading to a more tenant-friendly environment.
Investors should monitor these trends closely, as they reflect the underlying dynamics of the rental market in ZIP 62816. With a lower market rent compared to the FMR, there is a potential for upward pressure on rents if the demand for rental properties begins to increase. Conversely, if the supply continues to grow, landlords may need to keep their rents competitive or consider other strategies to maintain occupancy rates.
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.