Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $560 |
| 1 Bedroom | $570 |
| 2 Bedrooms | $670 |
| 3 Bedrooms | $870 |
| 4 Bedrooms | $1,060 |
| 5 Bedrooms | $1,230 |
| 6 Bedrooms | $1,378 |
| 7 Bedrooms | $1,488 |
| 8 Bedrooms | $1,562 |
U.S. Census Bureau data (2024)
The ZIP code 00617 in Puerto Rico is a renter-heavy area, with 25.8% of the population renting their homes. Given the median household income of $25,013, the typical market rent of $582 consumes a significant portion of local incomes. To be precise, the average rent represents approximately 2.26% of the monthly income, which translates to about 27.12% of the annual income.
The Federal Market Rent (FMR) for ZIP 00617 is set at $610 for fiscal year 2024, slightly higher than the current market rent. This indicates that there is potential for rental increases to align with FMR standards without significantly exceeding tenant affordability based on voucher coverage.
A landlord in ZIP 00617 can expect a tenant pool that largely relies on Section 8 vouchers to cover rent payments. These tenants will typically have low to moderate incomes, making up a substantial portion of the local population. The voucher demand is likely to be deep due to the high percentage of renters and the relatively low median income.
To summarize, ZIP 00617 is characterized by a significant number of renters who would benefit greatly from Section 8 vouchers given the income levels. Landlords should prepare for a tenant base that is heavily reliant on government assistance to meet housing costs.
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.