Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $510 |
| 1 Bedroom | $520 |
| 2 Bedrooms | $600 |
| 3 Bedrooms | $790 |
| 4 Bedrooms | $950 |
| 5 Bedrooms | $1,102 |
| 6 Bedrooms | $1,234 |
| 7 Bedrooms | $1,333 |
| 8 Bedrooms | $1,400 |
U.S. Census Bureau data (2024)
The ZIP code 00913 in Connecticut has a population of 6,943 residents, with 83.4% being renters. This indicates that it is a predominantly renter-heavy area, which aligns well with the potential for a robust Section 8 tenant pool. The median household income stands at $7,049, suggesting that the majority of residents rely heavily on financial assistance to cover their housing costs.
The market rent for properties in this ZIP is currently $275. Given the median household income, this means that typical rent consumes approximately 39% of the local income. This figure is derived from the calculation: ($275 / $7,049) * 100 = 39%. This percentage highlights the significant portion of income that goes towards rent, indicating a high demand for rental subsidies such as Section 8 vouchers.
The Fair Market Rent (FMR) for ZIP 00913, as set for FY 2024, is $530. This is notably higher than the current market rent of $275, which suggests that there is ample room for landlords to receive higher payments through the Section 8 program. Landlords can expect to receive a subsidy that brings their total rent closer to the FMR while still maintaining a competitive market rate for tenants.
A landlord in ZIP 00913 should anticipate a tenant profile characterized by low-income households seeking affordable housing solutions. These tenants will likely be heavily reliant on Section 8 vouchers to afford living spaces. With over four-fifths of the population renting, the competition for affordable units is intense, making properties that accept Section 8 particularly attractive to potential tenants.
In summary, ZIP 00913 is an ideal location for landlords interested in Section 8 tenants due to its high renter concentration and low median income levels. The current market rent is significantly lower than the FMR, providing an opportunity for landlords to benefit from increased rental payments through the voucher program while offering much-needed affordable housing options to the community.
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.