Section 8 Fair Market Rent (FMR) for ZIP 11691 - 2026

Market Analysis for ZIP 11691

Cities Covered: This ZIP code covers Far Rockaway.

FMR Rates (FY 2026):
Studio: $2,540 | 1BR: $2,660 | 2BR: $2,920 | 3BR: $3,660 | 4BR: $3,970

Median Property Prices & 1% Rule Analysis:

• 2BR Properties: Median price ~$525,000
  1% Rule: $2,920 ÷ $525,000 = 0.72% 👎 Below 1% Rule
• 3BR Properties: Median price ~$625,000
  1% Rule: $3,660 ÷ $625,000 = 0.79% 👎 Below 1% Rule

Market Overview: The 11691 ZIP code sits in a coastal area of Queens County, with a mix of young professionals (40%), families (30%), and retirees (30%). Vacancy rates remain stable at 2-3%, and rents have risen 4-6% year-over-year, driven by steady job growth in nearby employment centers and limited new construction. The area has seen consistent population growth over the past decade, making it a stable market for investors.

Investment Takeaway: Purchase prices in the $500-700k range allow gross rents to approach the 1% rule for well-selected properties. Cash-flow investors can target 8-10% gross yield on 2BR units in the $520-650k segment, with the best returns coming from turnkey rentals or light rehabs that can command top-tier rents ($2,800+ for 2BR). Long-term investors should prioritize properties near major employers, transit hubs, and established neighborhoods with stable occupancy.

Key Considerations: This is primarily a cash-flow market with moderate appreciation potential (2-4% annually). Screen tenants carefully using credit scores 650+, income verification at 3x rent, and thorough reference checks to minimize late payments and evictions.