Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
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 | $1,110 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $252,949 | 0.61% | D |
| 3BR | $1,840 | $304,281 | 0.6% | D |
| 4BR | $2,030 | $450,609 | 0.45% | F |
| 5BR | $2,355 | $493,472 | 0.48% | F |
U.S. Census Bureau data (2024)
The rental market in ZIP code 12303, located in Schenectady, NY, is currently defined by a relatively stable but modest gap between the Fair Market Rent (FMR) and the actual market rent (ZORI). The FMR for the area, set at $1240 for fiscal year 2024, is lower than the observed ZORI of $1,443. This suggests that the local rental market is slightly above the government's benchmark, indicating a mild upward pressure on rents.
A key indicator of market dynamics is the price-cut share, which stands at just 0.2%. This figure implies that very few properties are being discounted, suggesting that landlords and property owners are maintaining their asking prices, possibly due to steady demand. The lack of available data on Days on Market (DOM) could indicate either a balanced market or a limited sample size, making it difficult to draw conclusions on how quickly properties are being rented.
The median home value in the area is $310,770, which provides a baseline for understanding the overall cost of living and property values. With a renter share of 25.9%, there is a notable segment of the population choosing to rent rather than buy. This high percentage of renters can be indicative of long-term housing pressures, where a significant portion of residents may find homeownership unaffordable or prefer the flexibility of renting. As a result, landlords and small-portfolio investors can anticipate ongoing demand for rental properties, driven by both affordability constraints and lifestyle preferences.
In summary, the current snapshot of the ZIP 12303 market suggests that demand is holding steady, if not slightly exceeding supply, as evidenced by the maintained rent prices and low price-cut share. The substantial renter share points to an environment where rental properties will continue to play a crucial role in meeting housing needs, providing a stable investment opportunity for those looking to enter or remain in the rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.