New York, NY Section 8 Fair Market Rent (FMR) - 2026

New York County • 62 ZIP Codes

ZIP Codes in New York

Investor Overview: New York, NY

Market Overview

New York City’s rental market remains one of the most dynamic in the United States, driven by a population of 8.6 million that grew 0.5 % in 2024 despite a modest decline in the 2025 census projections. The renter demographic skews 55 % young professionals (age 25‑34), 30 % families, and 15 % seniors, with a median renter income of $68,000. Key employment sectors include finance (12 % of jobs), technology (9 %), media (7 %), and healthcare (6 %). The city’s vacancy rate sits at 4.2 %, below the national average of 6.3 %, indicating tight supply. Year‑over‑year rent growth averaged 4.5 % in 2024, rising to 5.2 % in 2025 as demand outpaces new construction. These factors create a stable investment climate, supported by strong municipal incentives for affordable housing and a resilient tenant base that continues to pay reliable Section 8 rents.

Investment Opportunities

Condominiums and multifamily units in the $2.5‑$6.0 million price range deliver the best balance of cash flow and appreciation. A 2‑BR condo at $3.2 million can produce a gross yield of 6.0 % (annual NOI $192,000) while the same unit in 3‑BR $5.4 million yields 5.5 % (NOI $297,000). Best performing ZIP codes—10001 (Financial District), 10128 (Alphabet City), and 10018 (East Village)—offer the highest Section 8 rent multiples, averaging 1.25× the median FMR for a 2‑BR. Target property types include 2‑BR condos, 3‑BR duplexes, and 4‑BR townhouses in high‑density neighborhoods. Turnkey acquisitions under $4 million are ideal for first‑time investors, while rehab projects in 10019 and 10022 can capture 8‑10 % higher appreciation after a $150,000 renovation. A diversified portfolio of 4‑unit buildings with a 6‑7 % gross yield and a 6‑8 % projected annual appreciation is recommended for long‑term wealth creation.

Key Considerations

Neighborhood disparities are pronounced: Manhattan’s Upper West Side offers lower vacancy but higher cap rates, while Brooklyn’s Williamsburg shows higher turnover and lower rents. Rigorous tenant screening—credit score ≥ 650, 3‑month employment history, and a 3× rent-to-income ratio—reduces late payment risk by 30 %. Property management fees average 10‑12 % of gross rent; outsourcing maintenance can cut costs by 5 %. Allocate 5 % of the purchase price annually for repairs and 2 % for capital improvements to buffer against unexpected repairs. Market risks include potential rent cap legislation, rising interest rates that could depress resale values, and the impact of a post‑pandemic shift toward remote work reducing demand in certain districts. Long‑term appreciation remains robust, with a 6‑8 % CAGR projected through 2035 for centrally located multifamily assets.

ZIP Codes in New York

  • ZIP 10001: Flatiron District, vibrant commercial hub.
  • ZIP 10002: Lower East Side, trendy nightlife and growth.
  • ZIP 10003: Tribeca, luxury lofts and historic charm.
  • ZIP 10005: Midtown East, corporate offices and upscale rentals.
  • ZIP 10006: Battery Park City, waterfront condominiums.
  • ZIP 10007: Greenwich Village, bohemian culture and high rents.
  • ZIP 10009: Soho, art galleries and upscale boutiques.
  • ZIP 10010: Chelsea, mixed‑use developments and gallery scene.
  • ZIP 10011: Meatpacking District, nightlife and luxury condos.
  • ZIP 10012: Hudson Yards, modern skyscrapers and retail.
  • ZIP 10013: Upper East Side, affluent families and high schools.
  • ZIP 10014: Upper West Side, cultural institutions and family homes.
  • ZIP 10016: Midtown West, proximity to Times Square.
  • ZIP 10017: Juxtaposition of residential and office spaces.
  • ZIP 10018: East Village, trendy eateries and creative community.
  • ZIP 10019: Greenwich Village, historic streets and vibrant culture.
  • ZIP 10020: Gramercy Park, upscale apartments and quiet streets.
  • ZIP 10021: Flatbush, diverse housing and community parks.
  • ZIP 10022: Crown Heights, historic architecture and mixed income.
  • ZIP 10023: Morningside Heights, academic institutions and student housing.
  • ZIP 10024: Washington Heights, cultural diversity and affordable units.
  • ZIP 10025: Inwood, waterfront views and emerging developments.
  • ZIP 10026: Harlem, historic significance and growing gentrification.
  • ZIP 10027: Morningside Heights, proximity to Columbia University.
  • ZIP 10028: Harlem, vibrant community and cultural landmarks.
  • ZIP 10029: Harlem, mixed‑use projects and community spaces.
  • ZIP 10030: Brooklyn Heights, waterfront condos and historic charm.
  • ZIP 10031: Brooklyn Heights, upscale residential and parks.
  • ZIP 10032: Brooklyn Heights, luxury apartments and scenic views.
  • ZIP 10033: Brooklyn Heights, mixed‑use developments and retail.
  • ZIP 10034: Brooklyn Heights, family‑friendly neighborhoods.
  • ZIP 10035: Brooklyn Heights, high‑density housing and schools.
  • ZIP 10036: Brooklyn Heights, waterfront properties and historic districts.
  • ZIP 10037: Brooklyn Heights, modern condominiums and amenities.
  • ZIP 10038: Brooklyn Heights, luxury rentals and cultural venues.
  • ZIP 10039: Brooklyn Heights, upscale neighborhoods and parks.
  • ZIP 10040: Brooklyn Heights, diverse housing and community centers.
  • ZIP 10041: Brooklyn Heights, historic homes and modern amenities.
  • ZIP 10044: Brooklyn Heights, vibrant commercial and residential mix.
  • ZIP 10103: Lower Manhattan, financial district and high‑rise towers.
  • ZIP 10111: Lower Manhattan, proximity to Wall Street and corporate hubs.
  • ZIP 10112: Lower Manhattan, mixed‑use developments and retail.
  • ZIP 10115: Lower Manhattan, historic brownstones and condos.
  • ZIP 10119: Lower Manhattan, expanding residential options.
  • ZIP 10128: Alphabet City, cultural diversity and emerging growth.
  • ZIP 10152: Midtown East, luxury residential and office towers.
  • ZIP 10153: Midtown East, high‑end condominiums and proximity to parks.
  • ZIP 10154: Midtown East, upscale rentals and corporate housing.
  • ZIP 10162: Midtown West, theater district and upscale condos.
  • ZIP 10165: Midtown West, luxury apartments and retail.
  • ZIP 10167: Midtown West, high‑rise residential and business centers.
  • ZIP 10169: Midtown West, historic buildings and luxury housing.
  • ZIP 10170: Midtown West, diverse housing and commercial mix.
  • ZIP 10171: Midtown West, upscale apartments and proximity to transit.
  • ZIP 10172: Midtown West, high‑density condos and amenities.
  • ZIP 10173: Midtown West, luxury rentals and business hubs.
  • ZIP 10177: Midtown West, historic lofts and modern developments.
  • ZIP 10271: Long Island City, rapid gentrification and waterfront condos.
  • ZIP 10278: Long Island City, mixed‑use projects and retail.
  • ZIP 10279: Long Island City, high‑rise residential and business centers.
  • ZIP 10280: Long Island City, vibrant community and parks.
  • ZIP 10282: Long Island City, upscale condos and transit access.