Location: Barranquitas-Aibonito, PR | Metro: Barranquitas-Aibonito, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $470 |
| 1 Bedroom | $480 |
| 2 Bedrooms | $550 |
| 3 Bedrooms | $730 |
| 4 Bedrooms | $800 |
| 5 Bedrooms | $928 |
| 6 Bedrooms | $1,039 |
| 7 Bedrooms | $1,122 |
| 8 Bedrooms | $1,178 |
U.S. Census Bureau data (2024)
The ZIP code 00786, located in Guaynabo, Puerto Rico, presents a unique challenge for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 165, it is evident that this area is not densely populated, which limits the overall number of potential tenants. The data indicates that 0.0% of the residents are renters, suggesting a predominantly homeowner-dominated area. This implies that the demand for rental properties, including those utilizing Section 8 vouchers, is likely to be low.
The median household income for this ZIP code is not available, making it difficult to accurately assess the financial capacity of potential renters. However, the lack of rental activity suggests that market rents are also not available, indicating that the rental market is underdeveloped or non-existent in this area.
Given the absence of specific income and market rent data, it's challenging to provide a precise comparison to the Fair Market Rent (FMR) of $570 for FY 2024. Typically, in areas with a robust rental market, market rents would be compared against FMRs to determine affordability. In ZIP 00786, without these benchmarks, landlords must consider other factors such as the broader economic conditions in Puerto Rico and the availability of housing assistance programs.
A landlord in ZIP 00786 can expect a tenant pool that is heavily reliant on housing vouchers due to the scarcity of rental properties. Tenants are likely to be individuals or families who qualify for Section 8 assistance, given the limited rental options. They will have incomes significantly below the median, and their rent payments will be subsidized to ensure affordability. The FMR of $570 serves as a guideline for maximum allowable rent in federally assisted housing programs, but with no local rent data, it's unclear how this compares to actual rental costs in the area.
To conclude, ZIP 00786 is not a renter-heavy ZIP code and has a very limited tenant pool. Landlords should prepare for a market where vouchers are common, and tenants have incomes that necessitate government assistance for housing. While the exact percentage of income spent on rent cannot be determined due to missing data, it is safe to assume that typical rent will consume a substantial portion of local incomes, especially if the FMR is indicative of actual rental rates.
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.