Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, 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 | $2,250 |
| 1 Bedroom | $2,730 |
| 2 Bedrooms | $3,150 |
| 3 Bedrooms | $4,080 |
| 4 Bedrooms | $4,380 |
| 5 Bedrooms | $5,081 |
| 6 Bedrooms | $5,691 |
| 7 Bedrooms | $6,146 |
| 8 Bedrooms | $6,453 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,150 | $907,681 | 0.35% | F |
| 3BR | $4,080 | $1,276,730 | 0.32% | F |
| 4BR | $4,380 | $1,553,016 | 0.28% | F |
| 5BR | $5,081 | $2,142,956 | 0.24% | F |
U.S. Census Bureau data (2024)
The ZIP code 11530, located in Garden City, NY, presents a dynamic rental market with clear indications of strong demand. The Fair Market Rent (FMR) for the area stands at $3760 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $4,564. This suggests that the rental market is robust and tenants are willing to pay above the fair market rate, indicative of a competitive environment.
A key metric supporting this interpretation is the low 0.1% price-cut share, which implies that landlords rarely need to reduce their asking rents to attract tenants. Additionally, the days on market (DOM) of 22 days is relatively short, suggesting quick absorption of listings once they are available. These factors collectively point towards a market where demand outpaces supply, leading to favorable conditions for landlords.
The median home value in ZIP 11530 is $1,281,215, reflecting a high-end residential market. Despite this, the 10.1% renter share indicates that a significant portion of the population prefers or requires renting over owning. This can be interpreted as a long-term housing pressure indicator, suggesting that even in an expensive market, there remains a consistent need for rental properties. Landlords and small-portfolio investors should recognize this as a signal that the rental market will likely remain stable and potentially grow, given the economic dynamics of the area.
In summary, the current snapshot of ZIP 11530 shows a rental market characterized by strong demand and limited supply, with tenants paying above fair market rates. The low price-cut share and quick listing absorption times further reinforce this trend. The high median home value coupled with a notable renter share highlights the enduring appeal of the rental sector in this upscale neighborhood, making it a promising investment opportunity for those looking to capitalize on Garden City's real estate dynamics.
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.