Location: Nassau-Suffolk, NY | Metro: Nassau-Suffolk, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,530 |
| 1 Bedroom | $2,950 |
| 2 Bedrooms | $3,470 |
| 3 Bedrooms | $4,460 |
| 4 Bedrooms | $4,740 |
| 5 Bedrooms | $5,498 |
| 6 Bedrooms | $6,158 |
| 7 Bedrooms | $6,651 |
| 8 Bedrooms | $6,984 |
U.S. Census Bureau data (2024)
The ZIP code 11789, known as Sound Beach, NY, presents a market characterized by steady rental demand and modest competition among tenants. The Fair Market Rent (FMR) for the area, set at $2280 for the fiscal year 2024, is notably lower than the market rent of $3,247, as reported by the Census American Community Survey. This gap suggests that there is a segment of the market where rents are above what the government deems fair, indicating strong demand for higher-quality or better-located properties.
The 0.1% price-cut share reveals that landlords are generally not needing to reduce their asking rents to attract tenants, a sign that the rental market is robust and that demand is keeping pace with or slightly exceeding supply. The median home value of $517,128 further underscores the economic stability of the area, suggesting that homeownership is a significant factor in the local economy.
A key metric in understanding the long-term dynamics of the housing market in Sound Beach is the 14.3% renter share. This relatively low percentage of renters compared to homeowners indicates a community that values long-term investment in property. However, it also implies that there could be ongoing pressure on rental availability as a smaller portion of the population opts to rent rather than buy. For landlords and small-portfolio investors, this means that while the rental market is active, it may not expand rapidly due to the high preference for homeownership.
In summary, Sound Beach operates under a balanced yet dynamic housing market. With a significant gap between FMR and market rent, coupled with a low price-cut share, the rental sector appears to be driven by strong demand. The high median home value and low renter share suggest that homeownership is a dominant trend, which could influence future rental dynamics by maintaining a steady but not explosive growth in the rental market.
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.