Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $650 |
| 2 Bedrooms | $760 |
| 3 Bedrooms | $990 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
The ZIP code 00984 falls within the San Juan-Guaynabar, PR HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $770. This figure is crucial for landlords and small-portfolio investors operating under the Section 8 program, as it defines the maximum rental payment that can be covered.
Compared to other ZIP codes within the San Juan-Guaynabar area, where the typical FMR is around $850-$950, 00984 stands out as offering a slightly lower cost. The absence of specific market rent and home value data for 00984 makes direct comparisons challenging, but given the lower FMR, it suggests that this ZIP might represent a value pocket within the larger metro area. Value pockets are areas where rents are relatively low compared to the surrounding region, making them attractive for tenants seeking affordable housing.
The lack of detailed data on market rent and home values means we cannot definitively categorize 00984's position in the broader real estate landscape. However, the lower FMR indicates that landlords here could potentially offer more competitive rates while still meeting their financial goals under the Section 8 program.
A key factor in identifying Section 8 sweet spots is the interplay between renter share and home values. In the case of ZIP 00984, the renter share percentage is also unavailable. If we were to infer based on the lower FMR alone, it might suggest that this area could attract a higher proportion of renters due to affordability. Yet, without knowing the exact renter share and home values, we cannot confirm if 00984 fits into the category of a sweet spot where high renter share coexists with below-average home values.
To summarize, ZIP 00984 appears to be a value pocket within the San Juan-Guaynabar metro area, with an FMR of $770 being notably lower than the typical range. For landlords and investors, this presents an opportunity to offer competitive rental rates while adhering to the guidelines of the Section 8 program. Further analysis would require additional data points on market rent and home values to make a more comprehensive assessment.
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.