Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $600 |
| 1 Bedroom | $620 |
| 2 Bedrooms | $720 |
| 3 Bedrooms | $940 |
| 4 Bedrooms | $1,140 |
| 5 Bedrooms | $1,322 |
| 6 Bedrooms | $1,481 |
| 7 Bedrooms | $1,599 |
| 8 Bedrooms | $1,679 |
The HUD Fair Market Rent (FMR) for ZIP code 00928 in San Juan-Guaynabo County, PR, for fiscal year 2024 is set at $670. This figure represents the maximum amount that a Section 8 voucher holder can pay towards rent in the area. However, due to the lack of available market rent data for ZIP 00928, it's challenging to provide a direct comparison between the HUD FMR and actual market rents.
To determine whether voucher tenants will cashflow at the FMR, marginally, or only with premium units, we need to consider the typical rental rates in the area. Since the market rent data is unavailable, we can infer that the HUD FMR is likely aligned with the lower end of the market. This suggests that voucher tenants will generally cashflow at the FMR, but they might struggle in areas where rents are higher.
The median home value in ZIP 00928 is also not available, making it difficult to calculate a precise rent-to-price ratio. However, in general, a high rent-to-price ratio indicates that renting is more cost-effective than buying, which could influence the decision-making process for potential renters versus buyers. The absence of this data means we cannot make a definitive statement about the current rent-versus-buy dynamics in the area.
Regarding the days on market (DOM) and the percentage of price cuts, these figures are also not available. Typically, a shorter DOM and fewer price cuts indicate a strong seller's market, while longer DOM and more frequent price cuts suggest a buyer's market. Without these specifics, we can't fully assess the impact on rental property investments.
The strongest angle for investors in ZIP 00928 remains the stability provided by Section 8 vouchers. Voucher holders offer consistent and government-backed income, which can be particularly attractive in a region where economic conditions might fluctuate. While appreciation and cash flow are important considerations, the reliability of tenant payments is the most compelling factor for small-portfolio investors looking to minimize risk.
Data Sources: FMR data from HUD (2027).
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.