Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $670 |
| 2 Bedrooms | $780 |
| 3 Bedrooms | $1,020 |
| 4 Bedrooms | $1,230 |
| 5 Bedrooms | $1,427 |
| 6 Bedrooms | $1,598 |
| 7 Bedrooms | $1,726 |
| 8 Bedrooms | $1,812 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 00920, which is located in Connecticut, has been set at $750 for the fiscal year 2024. This figure represents the maximum amount that a landlord can charge under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is not the rent you will receive; it's the payment standard that determines the upper limit for rent.
To put this into perspective, the average rent in ZIP 00920, based on Census American Community Survey (ACS) data, is $762. This indicates that the FMR is slightly below the market rate, suggesting that landlords participating in the Section 8 program might see a slight reduction in potential income compared to market-rate rentals.
However, the demand for rental properties in this area is strong, with 47.4% of residents being renters. This high percentage suggests that there is a significant number of people looking for affordable housing options, making Section 8 vouchers an attractive choice for many tenants. The high demand could help ensure that your property remains occupied, reducing the risk of vacancies.
Regarding the acquisition cost of properties in ZIP 00920, the data provided shows it as N/A, indicating that specific costs are not available. This lack of information makes it difficult to provide precise guidance on whether the property price justifies the long-term investment given the FMR. However, it's crucial to assess the overall value of the property based on its condition, location, and other factors.
Before deciding to participate in the Section 8 program with a property in ZIP 00920, verify that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) inspections are mandatory and must be passed for a tenant to sign a lease agreement. These inspections cover safety, health, and habitability standards, ensuring that your property is in good condition and suitable for living.
In conclusion, while the FMR of $750 is slightly lower than the average local rent of $762, the strong demand for rentals in ZIP 00920, with nearly half of the population being renters, makes Section 8 a viable option for landlords and small-portfolio investors. Ensure your property is ready to pass HQS inspections to proceed confidently with the program.
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.