Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,760 |
| 1 Bedroom | $2,900 |
| 2 Bedrooms | $3,160 |
| 3 Bedrooms | $4,000 |
| 4 Bedrooms | $4,380 |
| 5 Bedrooms | $5,081 |
| 6 Bedrooms | $5,691 |
| 7 Bedrooms | $6,146 |
| 8 Bedrooms | $6,453 |
U.S. Census Bureau data (2024)
The ZIP code 10548 presents a dynamic rental market that is currently experiencing significant tension between supply and demand. The Fair Market Rent (FMR) for the area, set at $1950 for fiscal year 2024, reflects the government's assessment of what is considered a reasonable rent for a modest dwelling. However, the actual market rent, as reported by the Census ACS, stands at $2,093. This indicates that the market is pricing units slightly above the FMR, suggesting a demand that may be outpacing supply, though without historical data, we cannot definitively state the trend.
The median home value in the area is notably high at $607,067. This figure points towards a robust real estate market, but it also underscores the financial barriers that potential homeowners face, which could be driving more residents towards renting. With a 21.1% renter share, it's clear that a significant portion of the population is not in a position to purchase homes, either due to financial constraints or strategic decision-making. This high percentage of renters can imply ongoing pressure on the rental market, as these individuals represent a steady demand for rental properties.
The lack of specific data on price-cut share and days on market (DOM) means we cannot quantify the exact supply-demand balance. However, the fact that market rents are above the FMR suggests that landlords have some pricing power, indicating that demand might be stronger relative to supply. In such a scenario, landlords should expect a competitive environment where they can maintain higher rents, provided they offer quality accommodations that meet the needs of the local renters.
Investors looking to enter this market should consider the high median home values and the strong rental demand. While the exact dynamics of supply and demand remain somewhat opaque without more detailed data, the current situation suggests an environment where rental properties can command premium prices, especially if they cater to the needs of the diverse renter base. This makes ZIP 10548 a potentially lucrative investment opportunity, particularly for those who can provide well-maintained and competitively priced rental units.
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.