Invest In Apartment Buildings In Fairmont, WV

Who Rents In Fairmont

Rental demand in Fairmont comes from 2,955 renter households, which is 36.9% of occupied housing (ACS 2020–2024). The renter count grew 6.2% from the 2015–2019 survey, faster than the population's -1.3% gain. That means part of the new demand came from people who already lived here and chose to rent.

The typical Fairmont household earns $63,032 a year, 45.5% more than in the 2015–2019 survey. The number of employed residents rose 16.4% over the same period, and unemployment stood at 6.7%. Income growth of 45.5% has outrun rent growth of 21.5%, so rents here are more affordable relative to earnings than they were.

Fairmont has a sizable renter base without being a renter-majority market. Location inside the city matters a lot, since demand tends to cluster near jobs, transit and schools.

Fairmont Rent Trends And Supply

Median gross rent in Fairmont, WV is $916 a month, up 21.5% from $754 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's solid growth, broadly in line with many U.S. markets over the same years.

The rental vacancy rate of 9.7% is on the high side, so we'd budget for longer lease-ups and more marketing. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 44.7% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 10.9% of homes in Fairmont are in buildings with 5 or more units, roughly 983 homes. That count rose 21.5% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1951. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start.

How Fairmont Ranks For Apartment Investors

We track 8 West Virginia cities. Fairmont places 3rd for median gross rent, 6th for renter share and 4th for five-year rent growth. Its rents fall in the middle of the pack. Put in counts rather than percentages, that is roughly 237 fewer residents, 173 more renter households and 174 more homes in buildings with 5 or more units than five years earlier. Growth in renter households and new apartment homes has been roughly in balance.

Fairmont Compared With West Virginia

Fairmont's median gross rent of $916 is above the West Virginia median of $872, and its renter share is 36.9% compared with 25.1% statewide.

Rent Versus Income In Fairmont

At $916 a month, the median Fairmont rent adds up to $10,992 a year, or roughly 17.4% of what the median household earns. Under the common 30% guideline, a household needs about $36,600 a year to cover that rent comfortably. That's close to the West Virginia figure of 17.6%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Fairmont rent climbed $162 a month over five years and household income climbed $19,711 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago.

Quick Facts: Fairmont Rental Market

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Fairmont, WV has 18,221 residents, down 1.3% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Fairmont, WV is $63,032, up 45.5% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Fairmont, WV is $916 a month, up 21.5% over five years (U.S. Census ACS 2020–2024).
• 36.9% of households in Fairmont, WV rent, about 2,955 renter households (U.S. Census ACS 2020–2024).
• 10.9% of homes in Fairmont, WV are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Fairmont, WV is 9.7%, and 44.7% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Fairmont, WV was built in 1951 (U.S. Census ACS 2020–2024).

What We Look For In A Fairmont Apartment Building

Skyline buys 5+ unit apartment buildings in Fairmont that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any West Virginia apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. West Virginia has no statewide rent control law, though local rules on notices, fees and deposits still apply. We get an insurance quote before we make an offer, because premiums have risen in most states.

Higher vacancy means we put more weight on a building's own leasing history than on the market average.

Due Diligence For Apartment Syndications In Fairmont

The data on this page turns into a short checklist for evaluating an apartment syndication in Fairmont.

• What vacancy does the plan assume? Rental vacancy in Fairmont is 9.7%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 21.5% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Fairmont was built in 1951, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Fairmont rose 21.5% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Fairmont Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Fairmont property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Syndications are long-term and illiquid, and capital usually stays committed for several years. Results are never certain. Most offerings are limited to accredited investors, and the rules depend on whether a deal uses Rule 506(b) or Rule 506(c). See investing with Skyline Capital for how we work with limited partners.

Getting Started

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