Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $860 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
ZIP code 00961 in Connecticut has a population of 28,888, with 27.0% of residents being renters. This indicates that while there is a significant rental market, it is not overwhelmingly dominated by renters. The median household income in this area stands at $39,393, which is relatively low compared to national averages.
The typical market rent in this ZIP is $767, which represents approximately 19.5% of the median household income. This figure is calculated by dividing the monthly rent by the annual median income and multiplying by 12. To put this into perspective, a household earning the median income would spend nearly one-fifth of their earnings on rent alone.
The Fair Market Rent (FMR) for ZIP 00961, as set for fiscal year 2024, is $790. This is slightly higher than the current market rent, indicating that the rental market may be stable but not necessarily under pressure to increase rates. However, the proximity of the market rent to the FMR suggests that landlords can expect a steady stream of Section 8 tenants who qualify for housing assistance based on the established FMR.
A landlord in ZIP 00961 should anticipate a tenant pool that heavily relies on housing vouchers due to the lower median income levels. These tenants will likely be seeking affordable housing options that align closely with the FMR. With the FMR at $790, landlords can expect Section 8 tenants whose rental assistance matches this benchmark, ensuring that rents remain within an affordable range for most residents.
Given the 27.0% rental rate, there is a substantial demand for rental properties, particularly those that accept Section 8 vouchers. Landlords who understand and adhere to the requirements of Section 8 tenancy can capitalize on this demand, offering secure and affordable housing solutions to a population that needs them.
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.