Location: Puerto Rico HUD Nonmetro Area, Unknown | Metro: Caguas, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $460 |
| 1 Bedroom | $470 |
| 2 Bedrooms | $520 |
| 3 Bedrooms | $730 |
| 4 Bedrooms | $870 |
| 5 Bedrooms | $1,009 |
| 6 Bedrooms | $1,130 |
| 7 Bedrooms | $1,220 |
| 8 Bedrooms | $1,281 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 00751 in Puerto Rico reveals several key insights for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 00751 in fiscal year 2024 is set at $470. In comparison, the Census ACS indicates a market rent of $485. This suggests that landlords can expect a slight premium over the FMR when renting to tenants eligible for Section 8 vouchers. However, the difference is minimal, indicating that the rent math essentially aligns with the market conditions.
Regarding the affordability of acquisition, the data shows that the median home value is not available, and neither are the days on market (DOM) nor the percentage of homes experiencing price cuts. This lack of information makes it difficult to assess the current real estate market dynamics for purchasing properties in ZIP 00751. Landlords should conduct further research to determine if the acquisition cost is reasonable and if the market is favorable for buying properties.
The third question concerns tenant demand. With a total population of 19,343 and a renter share of 21.9%, there is a significant base of potential tenants who might be interested in rental properties. This percentage translates to approximately 4,236 individuals or households seeking rental accommodations. Given the size of the population, this represents a substantial number of potential Section 8 tenants, ensuring steady demand for rental units that meet the program's criteria.
In summary, while the rent math is favorable with only a slight premium over the FMR, the lack of data on median home values and market conditions poses challenges for assessing the affordability of acquisitions. Despite these uncertainties, the strong tenant demand indicated by the sizable renter share ensures that landlords and small-portfolio investors can expect consistent occupancy rates. For those willing to navigate the limited acquisition data, the potential for stable rental income in ZIP 00751 appears promising.
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.