Location: San Juan-Guaynabo, PR | Metro: Caguas, 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 |
U.S. Census Bureau data (2024)
Located within the San Juan-Guaynabo metropolitan area, ZIP code 00956 serves as a densely populated residential hub in Puerto Rico characterized by a mix of urban convenience and suburban living. The area benefits from its proximity to major economic engines, including the Puerto Rico Convention Center and the bustling medical district, which provides steady employment for local residents. Neighborhoods here typically feature mid-rise apartment complexes and single-family homes, with local commerce centered along main thoroughfares that offer easy access to everyday amenities.
From a valuation standpoint, the data presents a clear arbitrage opportunity for voucher landlords. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is listed at $660, while the prevailing market rent sits at $705, creating a negative gap of $45 where market rates outpace the subsidy. Median home value and days on market data are not available, but current metrics show that local incomes are lower than mainland averages, making the $660 voucher payment a substantial portion of a tenant’s household budget.
With a renter share of 29.2% and a median household income of just $29,280, there is a significant reliance on affordable housing assistance in this area. This income constraint suggests that conventional market rents at the $705 level may stretch tenant budgets, increasing the demand for Housing Choice Vouchers to bridge the affordability gap. While specific school ratings and transit details require deeper local inquiry, the presence of major nearby employers supports a consistent tenant base seeking housing close to work.
The Section 8 verdict for 00956 leans toward stability over aggressive appreciation. Because the local median income is low, voucher holders represent a reliable tenant pool that ensures consistent rent payments via HUD, even if the capped FMR slightly lags behind the open market. For investors, the strongest angle is acquiring properties at a price point where the $660 payment comfortably covers operating costs, leveraging the high demand for affordable units in a dense, employment-proximate 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.