Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,400 |
| 1 Bedroom | $2,530 |
| 2 Bedrooms | $2,750 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $3,810 |
| 5 Bedrooms | $4,420 |
| 6 Bedrooms | $4,950 |
| 7 Bedrooms | $5,346 |
| 8 Bedrooms | $5,613 |
U.S. Census Bureau data (2024)
The ZIP code 11697 is situated in a predominantly homeowner-driven neighborhood in Brooklyn, New York. With a total population of 4,429, it stands out for having an exceptionally low rental rate of just 0.8%. This statistic suggests that the area is largely composed of owner-occupied homes, which indicates a stable and possibly affluent community. The median household income in this area is a robust $122,667, reflecting the financial health of its residents and their ability to afford higher living costs.
Despite the low percentage of renters, the Fair Market Rent (FMR) for ZIP 11697 as of fiscal year 2024 is set at $2,480. This figure represents the maximum amount that a Section 8 tenant can pay towards their rent, based on the government's assessment of local housing costs. However, the absence of data on market rents makes it challenging to compare the FMR to what non-voucher tenants might be paying, leaving some uncertainty about the overall rental landscape.
Given these conditions, ZIP 11697 would likely be a better fit for a hands-off Section 8 voucher operator rather than a hands-on value-add buyer. The low percentage of renters suggests limited opportunities for increasing occupancy through active management. Furthermore, the high median income implies that any value-add efforts would need to cater to a demographic willing to pay premium rents, which could complicate the dynamics of managing properties under the Section 8 program. For landlords and small-portfolio investors looking to minimize involvement and maximize stability, the current profile of ZIP 11697 aligns well with their objectives.
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.