Location: Puerto Rico HUD Nonmetro Area, Unknown | Metro: Puerto Rico HUD Nonmetro Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $460 |
| 1 Bedroom | $470 |
| 2 Bedrooms | $520 |
| 3 Bedrooms | $700 |
| 4 Bedrooms | $740 |
| 5 Bedrooms | $858 |
| 6 Bedrooms | $961 |
| 7 Bedrooms | $1,038 |
| 8 Bedrooms | $1,090 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 00601 in fiscal year 2024 is set at $470. This figure represents the payment standard used by the Section 8 program, which means that if you participate in this program, your rental income will be capped at this amount per unit. It's important to note that this is not the rent you can charge tenants directly; it's the maximum reimbursement rate from the government.
In comparison, the average market rent in ZIP 00601, according to the latest Census American Community Survey (ACS) data, is $427. This suggests that the Section 8 payment standard is slightly higher than the typical rent in the area, potentially making it an attractive option for landlords looking to ensure stable income.
The 32.5% share of renters in the area indicates a significant demand for rental properties. This high percentage means that over one-third of households in ZIP 00601 are already renting, and many of these may qualify for assistance under the Section 8 program. With a substantial number of potential tenants, there is a good chance of maintaining occupancy rates.
Regarding the acquisition cost of properties in ZIP 00601, the data provided is marked as N/A. This means that there is no specific information available on the average price of acquiring rental units in this area. However, given the high renter share, it's likely that competition among investors could drive up property costs.
Before deciding to enter the Section 8 market in ZIP 00601, one key factor to verify is whether your property meets the minimum standards required by the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary. Failure to meet these standards could result in disqualification from the program, so it's crucial to check and make any necessary improvements to avoid this issue.
To summarize, the FMR of $470 provides a solid baseline for rental income through the Section 8 program, slightly above the current average rent of $427. The significant demand from renters makes it a viable option, but you must ensure your property complies with HQS to avoid complications.
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.