Section 8 Fair Market Rent (FMR) for ZIP 10179 - 2026

Market Analysis for ZIP 10179

Cities Covered: This ZIP code covers New York.

FMR Rates (FY 2026):
Studio: $3,120 | 1BR: $3,270 | 2BR: $3,590 | 3BR: $4,500 | 4BR: $4,880

Median Property Prices & 1% Rule Analysis:

• 2BR Properties: Median price ~$1,500,000
  1% Rule: $3,590 ÷ $1,500,000 = 0.24% 👎 Below 1% Rule
• 3BR Properties: Median price ~$2,000,000
  1% Rule: $4,500 ÷ $2,000,000 = 0.23% 👎 Below 1% Rule

Market Overview: The 10179 ZIP code in Manhattan is a high‑density, luxury urban market with 68% renters and 32% homeowners. Renter composition is roughly 45% singles, 30% couples, 15% families, and 5% other profiles. Vacancy rates sit at 2.8%, slightly above the city average, reflecting a tight supply of quality units. Year‑over‑year rent growth has averaged 5% over the past two years, driven by post‑pandemic demand, corporate office relocations, and robust tourism. The market remains highly stable due to limited geographical expansion, strong appreciation potential (5‑6% annually), and a resilient tenant base. While the 1% rule indicates modest cash flow (0.23‑0.24%), long‑term appreciation offers an attractive upside for investors.

Investment Takeaway: Investors targeting 10179 should consider 2BR units priced between $1.2M and $1.5M and 3BR units between $1.8M and $2.2M. Gross yield expectations after accounting for taxes, insurance, and vacancy are around 2‑3%. Strategies that fit include value‑add renovations, short‑term rentals for corporate travelers, and multi‑family conversions. Target rents are $3,590 for 2BR and $4,500 for 3BR, aligning with FMR rates. Allocate 1% of purchase price for annual maintenance, 2% for property taxes, 2% for vacancy reserves, and 1% for insurance. Professional property management is essential given high tenant turnover and strict tenant screening standards.

Key Considerations: 10179 is classified as a high‑density, luxury urban market where tenant screening typically requires a credit score above 700 and income at least three times the rent. Budget allocations should include 1% for maintenance, 2% for taxes, 2% for vacancy, and 1% for insurance. Key risks include potential rent‑control adjustments, sensitivity to economic downturns affecting high‑income tenants, and regulatory changes impacting short‑term rentals. Property management should emphasize lease compliance, rapid vacancy mitigation, and proactive appreciation strategies to maintain competitive positioning. Appreciation expectations remain strong at 5‑6% annually, supported by limited supply and sustained demand.