Location: Essex County, NY | Metro: Essex County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The annualized Fair Market Rent (FMR) for a 2-bedroom apartment in ZIP 12964 is $1,190 per month, based on FY 2026 data. This translates to an annual rental income of $14,280. Given the median home value, the implied gross yield for a Section 8 property would be approximately 5.38%. This calculation is derived by dividing the annual rental income ($14,280) by the median home value ($265,600).
However, the market rent is currently not available for ZIP 12964. If we assume that the market rent is higher than the Section 8 FMR, the gross yield for a market-rent property would also be higher. Without specific market rent figures, it's difficult to provide a precise gross yield, but it would likely exceed the 5.38% calculated for Section 8 properties.
Given the 11.4% renter density in ZIP 12964, the demand for rental properties, including Section 8 units, is relatively low. The N/A-day Days on Market (DOM) indicates that the time it takes to rent out a property is unknown, which could imply either rapid tenancy or prolonged vacancy periods depending on the local housing market dynamics.
The gross yield comparison between Section 8 and market rents is concrete: Section 8 yields a lower gross yield of 5.38%, while market rents would yield a higher return. For small-portfolio investors and landlords, the Section 8 scenario provides a stable, albeit lower, return, whereas the market rent scenario offers potential for higher returns if the market rent can be accurately estimated and achieved.
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.