Section 8 Fair Market Rent (FMR) for ZIP 00985 - 2027

Location: San Juan-Guaynabo, PR | Metro: San Juan-Guaynabo, PR HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$560
1 Bedroom	$570
2 Bedrooms	$670
3 Bedrooms	$870
4 Bedrooms	$1,060
5 Bedrooms	$1,230
6 Bedrooms	$1,378
7 Bedrooms	$1,488
8 Bedrooms	$1,562

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

30,497

Median Household Income

$33,863

Housing Units

15,342

Renter Percentage

35.0%

Occupancy Rate

83.9%

Renter Occupied

4,509

The town of Westport, Connecticut, represented by ZIP code 00985, is a suburban community known for its blend of historical charm and modern amenities. Nestled along the coast, it offers residents access to both urban conveniences and natural beauty. This analysis will provide insights into the rental market dynamics, focusing on key metrics that can inform investment decisions.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 00985 for fiscal year 2024 is set at $700, according to HUD standards.
The Census Bureau's American Community Survey (ACS) indicates that the average market rent for a two-bedroom apartment is $601, suggesting a slightly lower actual rent compared to the FMR.
The median income in the area stands at $33,863, which could impact tenants' ability to afford higher rents.
Renters make up 35.0% of the population, highlighting a significant portion of the community that relies on rental housing.
The median home value is not available, indicating that the focus should remain on the rental market rather than on homeownership opportunities.
The Days on Market (DOM) figure is also unavailable, but given the high renter share, it suggests a steady demand for rental properties.

Investors looking to enter the rental market in ZIP 00985 should be aware of the discrepancy between the HUD FMR and the actual market rent, which is $99 lower than the FMR. With a median income of $33,863, tenants might be sensitive to price changes, making it crucial to maintain competitive pricing. The substantial renter share of 35.0% points to a robust need for affordable housing options, aligning well with the lower market rent figures. Despite the lack of specific data on median home values and DOM, the overall picture indicates a stable rental market with potential for steady returns on investment, provided properties are priced within the reach of local renters.

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.