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 |
3450 is the Fair Market Rent (FMR) for ZIP code 10113 in fiscal year 2024, according to HUD guidelines. This figure represents the maximum amount landlords can charge for a Section 8 voucher in the area. Although the market rent data is unavailable, the FMR serves as a reliable benchmark for rental pricing in the absence of specific local market data. Similarly, without a precise median home value, it's important to focus on rental properties rather than sales prices when considering investments in ZIP 10113. The renter share percentage is also not available, which suggests that the area might have a significant portion of renters, making it a prime location for rental property investments. The median income data being unavailable indicates that the area's economic profile isn't fully defined, but given the high FMR, it's reasonable to infer that the area caters to higher-income renters. Days on Market (DOM) data is missing, but typically, a lower DOM would be beneficial for landlords looking to quickly lease their properties. The price-cut share percentage is also unknown, but in a competitive market, landlords should be prepared to adjust their rents to match the FMR if they wish to attract Section 8 tenants. Given the specific $3450 FMR, landlords should ensure their rental units meet the quality standards expected for such a rate to maximize occupancy. The lack of detailed local market data makes reliance on HUD's FMR critical for setting realistic rental expectations. For small-portfolio investors, focusing on properties that can command close to the FMR while offering value-added services could enhance profitability. In conclusion, the high FMR suggests a strong potential for rental income, making ZIP 10113 an attractive area for Section 8 participation.
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.