Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $600 |
| 1 Bedroom | $610 |
| 2 Bedrooms | $710 |
| 3 Bedrooms | $930 |
| 4 Bedrooms | $1,120 |
| 5 Bedrooms | $1,299 |
| 6 Bedrooms | $1,455 |
| 7 Bedrooms | $1,571 |
| 8 Bedrooms | $1,650 |
U.S. Census Bureau data (2024)
The rent math in ZIP 00921 does not work favorably for landlords. The Fair Market Rent (FMR) set by HUD for FY 2024 is $680, whereas the market rent based on Census ACS data stands at $584. This means that landlords aiming to meet the HUD FMR might be setting their rents higher than what the market can bear, potentially deterring tenants who qualify under Section 8.
Acquisition in ZIP 00921 is not affordable given the lack of available data on median home values, days on market (DOM), and the percentage of homes that have been subject to price cuts. Without these key metrics, it's challenging to assess the cost-effectiveness of purchasing properties for rental purposes. Landlords should seek additional local market insights before making any investment decisions.
Tenant demand in ZIP 00921 is strong, with a population of 33,119 and a significant 54.6% of residents renting their homes. This high renter share suggests a robust pool of potential Section 8 tenants. However, landlords must ensure that their rental offerings align with the needs and qualifications of these prospective tenants.
In summary, while there is a clear tenant demand in ZIP 00921, the mismatch between HUD's FMR and the actual market rent poses a challenge for landlords. Additionally, the lack of comprehensive acquisition data makes it difficult to determine if buying properties in this area is financially prudent. Landlords considering investment here should carefully evaluate the local market dynamics and consider adjusting their rental pricing strategies to remain competitive and attract eligible Section 8 tenants.
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.