Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
The rent math in ZIP 12207 does not favor Section 8 participation. The Fair Market Rent (FMR) set at $1,380 for the fiscal year 2024 is significantly below the market rent, which stands at $1,786. This gap means that landlords accepting Section 8 vouchers will be renting at a discount compared to the local rental market.
Regarding acquisition affordability, the data indicates a lack of recent transactions or listings, as evidenced by the N/A values for median home value, days on market (DOM), and the percentage of homes requiring price cuts. This suggests that the area may have limited opportunities for new acquisitions or that property values are relatively stable without significant fluctuations.
Tenant demand in ZIP 12207 is strong. With a total population of 1,988, over 96% of residents are renters. This high renter share points to a robust need for rental housing, which could translate into consistent tenant interest and occupancy rates.
In summary, while there is a clear tenant demand in ZIP 12207, the economics of participating in Section 8 do not align favorably due to the disparity between the FMR and market rent. Landlords should consider these factors carefully before deciding to accept Section 8 vouchers, especially given the potentially limited opportunities for property acquisition in the area.
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.