Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,210 |
| 1 Bedroom | $3,380 |
| 2 Bedrooms | $3,680 |
| 3 Bedrooms | $4,660 |
| 4 Bedrooms | $5,100 |
| 5 Bedrooms | $5,916 |
| 6 Bedrooms | $6,626 |
| 7 Bedrooms | $7,156 |
| 8 Bedrooms | $7,514 |
The Fair Market Rent (FMR) for ZIP 10045 for fiscal year 2024 is set at $3,450. This figure is derived from HUD's Small Area Fair Market Rents (SAFMRs) and represents the 40th percentile of rental rates in the area. Given that the FMR is a benchmark used for federal housing assistance programs, it indicates a relatively high yield potential for landlords participating in these programs.
However, the stability metrics for ZIP 10045 are less clear. The percentage of renters, days on market (DOM), and median income are not specified in the provided data. Without these figures, it is challenging to assess the stability of the rental market in this area. Typically, higher percentages of renters and shorter DOM periods suggest a stable market, while median income levels provide insight into the financial health of potential tenants.
Considering only the FMR data, ZIP 10045 appears to offer a high yield opportunity due to the substantial FMR of $3,450. However, without specific stability indicators, it cannot be definitively classified as either a high-yield/low-stability flip-style market or a steady-cashflow zone. It likely falls somewhere in between, offering good rental yields but requiring further analysis to determine the overall stability of the market.
To make a more precise determination, one would need to gather additional data on the percentage of renters, typical DOM periods, and median income levels in ZIP 10045. These factors would help clarify whether the area is better suited for short-term flips or long-term steady cash flow investments.
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.