Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $520 |
| 1 Bedroom | $530 |
| 2 Bedrooms | $620 |
| 3 Bedrooms | $810 |
| 4 Bedrooms | $980 |
| 5 Bedrooms | $1,137 |
| 6 Bedrooms | $1,273 |
| 7 Bedrooms | $1,375 |
| 8 Bedrooms | $1,444 |
U.S. Census Bureau data (2024)
The ZIP code 00927 in Connecticut presents several challenges for landlords considering Section 8 investments. Firstly, the tenant turnover rate is likely to be higher due to the significant gap between the market rent of $522 and the Fair Market Rent (FMR) set at $600 for FY 2024. This difference can lead to tenants seeking higher rents, causing frequent moves and increased vacancy periods.
Vacancy exposure is another concern, though specific data on days on market (DOM) is not available. With an average renter share of 46.9%, there is a considerable portion of the population that relies on rental housing, which typically translates into a higher demand for Section 8 vouchers. However, without precise DOM data, it's difficult to quantify the exact risk associated with vacancies.
Deferred maintenance is also a notable risk factor. The median income of $38,728 suggests that many residents might struggle to afford repairs and maintenance, leading to potential issues with property upkeep. Landlords must be prepared to invest in regular maintenance to avoid costly repairs down the line.
Despite these risks, the high renter share of 46.9% indicates a robust demand for rental properties, including those participating in the Section 8 program. This strong rental market can help mitigate some of the risks associated with tenant turnover and vacancy exposure, as there will likely be a steady pool of interested voucher holders.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP 00927 is moderate. While there are notable challenges such as tenant turnover and deferred maintenance, the high renter share provides a solid foundation for demand stability.
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.