Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $540 |
| 1 Bedroom | $550 |
| 2 Bedrooms | $640 |
| 3 Bedrooms | $830 |
| 4 Bedrooms | $1,010 |
| 5 Bedrooms | $1,172 |
| 6 Bedrooms | $1,313 |
| 7 Bedrooms | $1,418 |
| 8 Bedrooms | $1,489 |
U.S. Census Bureau data (2024)
The ZIP code 00771 is located in Guaynabo, Puerto Rico, a suburban municipality known for its residential neighborhoods. With a population of 35,094, it has a significant portion of renters at 26.3%, indicating a notable demand for rental housing. The median household income in the area is $24,891, reflecting a lower-middle-income demographic. Notably, the median home value is not available, which could suggest a lack of comprehensive data or an emphasis on rental properties over homeownership.
Moving into the economic landscape for Section 8 investors, the Fair Market Rent (FMR) for ZIP 00771 in fiscal year 2024 is set at $630. This figure is notably higher than the average market rent of $561, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy provides a positive outlook for landlords who can leverage the higher FMR rates to cover costs and maintain profitability, especially if they manage properties that qualify for Section 8 vouchers.
The question then arises: does this ZIP code suit a hands-off voucher operator or a hands-on value-add buyer? Given the relatively low median income and the higher FMR compared to market rent, there is a strong case for a hands-on approach. A value-add buyer could improve property conditions to meet Section 8 standards while also enhancing appeal to other tenants, thereby increasing rental income above the market rate. Such an investor would benefit from the guaranteed payment structure of Section 8 vouchers, combined with the potential to command rents closer to the FMR level.
In summary, ZIP 00771 offers a mix of challenges and opportunities for Section 8 investors. While the lower median income suggests a need for careful management, the higher FMR provides a financial cushion. For those willing to engage actively in property improvement and tenant management, the area presents a viable investment opportunity with solid returns.
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.