Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,660 |
| 1 Bedroom | $2,800 |
| 2 Bedrooms | $3,050 |
| 3 Bedrooms | $3,860 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
The HUD Fair Market Rent (FMR) for ZIP code 11351 in New York County, New York, for fiscal year 2024 is set at $2820. This figure represents the maximum amount that landlords can charge for Section 8 rental vouchers in this area. However, due to the lack of specific market rent data for ZIP 11351, it's challenging to provide an exact comparison between the HUD FMR and the actual market rents.
Based on the available HUD FMR, landlords should expect that voucher tenants will cashflow at the FMR rate, assuming the market rent is higher than $2820. Without precise market rent figures, we cannot definitively state whether the cashflow will be marginal or only achievable with premium units, but typically in high-demand areas such as New York City, market rents exceed the HUD FMR, indicating potential for positive cashflow.
The median home value for ZIP 11351 is not available, which makes deriving a specific rent-to-price ratio difficult. However, given the high cost of living and property values in New York City, it's reasonable to infer that the rent-to-price ratio would be favorable for rental properties over purchasing homes. This suggests that renting, particularly through Section 8 programs, could be a more attractive option for many residents.
The days on market (DOM) and the percentage of price cuts are also not available for this ZIP code. These metrics would typically help us understand the dynamics between renting and buying. In their absence, we must rely on the general trend in New York City, where the strong rental market often outperforms the homebuying market due to high prices and limited inventory.
The strongest investor angle in ZIP 11351 appears to be stability. Section 8 rentals offer a steady income stream, backed by government subsidies, ensuring consistent cash flow even in fluctuating markets. Given the high demand for affordable housing in New York City, this stability is likely to continue into the future, making Section 8 investments a reliable choice for landlords and small-portfolio investors.
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.