Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 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 rental market in ZIP code 62865 is characterized by a strong presence of renters, with a 6.0% renter share indicating a significant portion of the population that relies on rental properties. This suggests a persistent demand for rental units, which can be a sign of long-term housing pressure. The Fair Market Rent (FMR) set at $920 for the fiscal year 2026 reflects the federal guideline for what is considered a reasonable rent in the area. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,039. This discrepancy between the FMR and the market rent implies that landlords can charge above the federal guideline, suggesting a robust market where demand might slightly exceed supply.
The lack of specific data on price-cut share, days on market (DOM), and median home value means we cannot definitively conclude whether supply currently outpaces demand or vice versa. However, the higher market rent compared to the FMR indicates that landlords have pricing power, which typically occurs when there is more demand than supply. This dynamic supports the idea that 62865 is experiencing a market where demand for rental properties is strong relative to the available supply.
The 6.0% renter share also highlights a trend where a substantial number of residents prefer or need to rent rather than own homes. This can be due to various factors such as affordability issues, job instability, or lifestyle choices. For landlords and small-portfolio investors, this points to a steady stream of potential tenants, but it also means competition among renters could drive up rents further if the supply of rental units does not increase proportionally.
In summary, ZIP 62865 presents a rental market in motion, driven by a significant renter share and supported by current rents that exceed federal guidelines. While specific metrics like DOM and median home value are missing, the existing data suggest a favorable environment for landlords who can leverage the strong demand for rental properties.
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.