Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $560 |
| 1 Bedroom | $570 |
| 2 Bedrooms | $670 |
| 3 Bedrooms | $870 |
| 4 Bedrooms | $1,060 |
| 5 Bedrooms | $1,230 |
| 6 Bedrooms | $1,378 |
| 7 Bedrooms | $1,488 |
| 8 Bedrooms | $1,562 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 00923, located in Connecticut, reveals a significant gap between the Fair Market Rent (FMR) set by HUD and the actual market rent. The FMR for ZIP 00923 in fiscal year 2024 is $590, whereas the Census ACS reports a market rent of $531. This represents a difference of $59, or approximately 11%, with the FMR being higher.
The higher FMR compared to the market rent makes ZIP 00923 an attractive yield play for landlords participating in the Section 8 housing choice voucher program. Given that 53.7% of residents are renters and the median household income is $20,349, landlords can expect steady, government-backed rental income that exceeds the local market rates. This is particularly advantageous considering the high percentage of renters who may struggle to afford market rates without assistance.
However, the discrepancy also highlights the potential cost implications for housing voucher tenants. They might be paying a higher portion of their income towards rent than what the market would suggest, due to the higher FMR set by HUD. This could exacerbate financial strain for voucher holders, especially in light of the median income figure.
In summary, landlords in ZIP 00923 can leverage the higher FMR to ensure a stable and potentially higher rental income compared to the open market. Meanwhile, voucher tenants face the challenge of paying above the typical market rent, which underscores the importance of understanding these dynamics in the local rental market.
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.