Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,350 |
| 1 Bedroom | $2,470 |
| 2 Bedrooms | $2,690 |
| 3 Bedrooms | $3,400 |
| 4 Bedrooms | $3,730 |
| 5 Bedrooms | $4,327 |
| 6 Bedrooms | $4,846 |
| 7 Bedrooms | $5,234 |
| 8 Bedrooms | $5,496 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,690 | $319,148 | 0.84% | C |
| 3BR | $3,400 | $850,230 | 0.4% | F |
| 4BR | $3,730 | $942,929 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 11427 in New York, NY, presents a dynamic rental market that is currently favoring demand over supply. The Fair Market Rent (FMR) for the area stands at $2,520 for fiscal year 2024, while the market rent, as measured by Zillow's Observed Rent Index (ZORI), is slightly higher at $2,650. This indicates that the actual rents being charged are above the fair market level, suggesting strong tenant interest and possibly limited availability of rental units.
A key indicator of market health is the percentage of listings that have been price-cut, which is reported as 0% for ZIP 11427. This statistic implies that landlords are able to maintain their asking prices without needing to adjust downwards, further supporting the notion that demand is robust and supply is tight.
The median home value in the area is $774,730, reflecting a significant investment for homeowners. However, with a 37.0% renter share, it's evident that a substantial portion of the population prefers renting over owning. This high renter share can contribute to long-term housing pressure, as a large number of residents are continually seeking rental properties rather than purchasing homes, which can keep rental demand consistently high.
The combination of these factors—high market rents, no need for price cuts, and a notable renter share—suggests that ZIP 11427 is experiencing a market where demand is outpacing supply. Landlords and small-portfolio investors can expect steady occupancy rates and the potential for maintaining or even increasing rents, provided they offer competitive amenities and well-maintained properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.