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 ZIP code 10112 presents a dynamic market that is indicative of strong housing pressures, primarily driven by rental dynamics. The Fair Market Rent (FMR) for the area is set at $3450 for fiscal year 2024, which suggests a high cost barrier for potential tenants. Despite this, the lack of data on market rent and days on market (DOM) implies that the rental market is robust and likely has low vacancy rates, indicating that demand is keeping pace with or potentially outstripping supply.
The absence of a median home value and the unavailability of price-cut share data point towards a market heavily skewed towards rentals rather than homeownership. This inference is supported by the missing percentage of renter share, which, if known, would typically reveal a significant portion of the population renting rather than owning. In markets where renters constitute a large share, there is an inherent long-term housing pressure due to the continuous need for rental properties to accommodate residents who cannot or choose not to buy homes.
The snapshot of data for ZIP 10112 indicates a rental-centric environment, suggesting that landlords and small-portfolio investors should focus on optimizing their rental offerings. Given the high FMR, there is a clear opportunity to command premium rents, but it also underscores the importance of maintaining competitive pricing and property quality to attract and retain tenants. The dynamics of this market imply a steady demand for rental properties, which can be leveraged by investors looking to capitalize on a strong rental market without the uncertainties associated with homeownership.
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.