Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $550 |
| 1 Bedroom | $560 |
| 2 Bedrooms | $650 |
| 3 Bedrooms | $850 |
| 4 Bedrooms | $1,030 |
| 5 Bedrooms | $1,195 |
| 6 Bedrooms | $1,338 |
| 7 Bedrooms | $1,445 |
| 8 Bedrooms | $1,517 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 00687, located in the San Juan-Guaynabo, PR HUD Metro FMR Area, does not work in favor of landlords. The Fair Market Rent (FMR) set at $580 for the fiscal year 2024 is notably lower than the actual market rent, which stands at $618 according to Census ACS data. This discrepancy means that landlords relying on Section 8 vouchers will receive less rent than the market demands, potentially leading to financial losses.
Acquisition in this area is not straightforward due to limited data. The median home value is listed as N/A, indicating a lack of comprehensive real estate valuation metrics. Similarly, the average days on market (DOM) and the percentage of homes that have been price-cut are also unavailable, suggesting that acquiring properties here could be challenging without clear benchmarks to guide investment decisions.
Tenant demand in ZIP 00687 is strong. With a total population of 28,397 and 26.5% of residents renting their homes, there is a significant pool of potential tenants who might benefit from Section 8 assistance. However, the affordability of acquisition remains uncertain without detailed real estate metrics.
Verdict: While there is a robust tenant demand in ZIP 00687, the financial viability for landlords using Section 8 vouchers is compromised by the lower FMR compared to market rents. Additionally, the lack of specific data on median home values, days on market, and price-cut shares makes it difficult to assess the overall cost-effectiveness of property acquisitions in this area. Landlords should proceed with caution and consider diversifying their rental offerings beyond Section 8 to ensure profitability.
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.