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 Fair Market Rent (FMR) for ZIP code 00915 in fiscal year 2024 is set at $550. However, the actual market rent, according to the Census ACS data, stands at $532. This indicates a gap of $18, or approximately 3.26%, where the FMR is slightly higher than the market rent.
In this scenario, landlords who accept Section 8 voucher tenants can potentially benefit from a yield play. The higher FMR compared to the market rent means that voucher payments can cover a portion of the rent that exceeds the market average. This can be particularly advantageous in a market where 59.3% of the population are renters, indicating a high demand for rental properties.
The median income in ZIP 00915 is $16,590. Given this economic context, the slight premium offered by the FMR over the market rent can help stabilize rental income for landlords. It's important to note that while the FMR is designed to reflect the average rent levels in a given area, it does not necessarily align with the actual rents charged by landlords. Therefore, accepting voucher tenants can sometimes result in receiving a rent amount that is closer to the market rate, rather than significantly below it.
This analysis underscores the importance of considering both FMR and market rent when evaluating the potential returns from properties in ZIP 00915. The slight discrepancy between the two figures suggests that voucher tenants can contribute to a landlord's financial stability without drastically undercutting market 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.