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 ZIP code 00940, located in San Juan-Guaynabó County, Puerto Rico, stands out due to limited available data regarding its resident population, rental percentages, median income, and median home values. However, a critical point of interest for real estate investors and landlords is the Federal Market Rent (FMR) set for the area, which is $670 for the fiscal year 2024.
Despite the lack of specific figures for the market rent, the FMR provides a benchmark for understanding the economic landscape of Section 8 housing in ZIP 00940. The FMR is designed to reflect the average gross rent paid by tenants in the lowest 40 percent of the income distribution in a metropolitan area or other locality. This figure is crucial for landlords who wish to participate in the Section 8 program, as it sets the maximum rent they can charge for subsidized units.
The absence of detailed local market rent data means that investors must rely heavily on the FMR to gauge the financial viability of their properties under the Section 8 program. It's important to note that while the FMR offers a guideline, actual rents may vary based on property condition, location, and demand. For landlords, this ZIP code presents an opportunity to stabilize rent income at a fixed rate of $670 per month, assuming the property qualifies and the tenant's portion of the rent is met.
In conclusion, the data signature for ZIP 00940 reads as transitional. With the FMR established at $670, landlords have a clear target for rent pricing, but the broader economic stability of the area remains unclear without additional data points such as median income and market rent trends. Investors should proceed with caution, considering the limited data and the potential for rapid changes in the local real estate market.
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.