Location: Glens Falls, NY | Metro: Glens Falls, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
Investing in Section 8 properties in ZIP code 12801, located in Glens Falls, NY, comes with several inherent risks that landlords must be aware of. Firstly, tenant turnover is a significant concern. The market rent for the area stands at $1,442, whereas the Fair Market Rent (FMR) for FY 2024 is set at $1,260. This discrepancy suggests that tenants who rely on Section 8 vouchers might struggle to afford the market rate, leading to higher turnover rates.
Vacancy exposure is another critical issue. While the data does not provide a specific number of days on the market (DOM), the fact that it is listed as N/A indicates potential problems with tracking vacancies accurately. This lack of transparency can make it challenging to predict how long a property might remain vacant, thereby affecting cash flow and profitability.
The deferred maintenance exposure is also noteworthy. With a typical home value of $265,202 and a median income of $67,577, there is a considerable gap between the cost of maintaining a property and the financial capacity of the average resident. Landlords must be prepared to handle unexpected repair costs, as low-income tenants may not have the resources to address such issues promptly.
However, these risks are balanced by the high renter share in the area, which stands at 47.6%. A dense rental market often translates into higher demand for housing assistance vouchers, meaning that there will likely be a steady stream of qualified tenants seeking Section 8 properties. This demand can help mitigate some of the risks associated with high turnover and vacancy rates.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP code 12801 is moderate.
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.