Location: Syracuse, NY | Metro: Syracuse, 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 | $1,050 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $274,807 | 0.55% | F |
| 3BR | $1,820 | $377,700 | 0.48% | F |
| 4BR | $1,970 | $525,040 | 0.38% | F |
| 5BR | $2,285 | $650,774 | 0.35% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 13104 (Manlius, NY, Syracuse, NY MSA metro) does not favor landlords. The Fair Market Rent (FMR) set at $1,150 for fiscal year 2024 exceeds the actual market rent reported by the Census ACS at $1,079. This indicates that landlords may struggle to charge the higher FMR due to lower tenant willingness to pay.
Acquisition of properties in this ZIP code is relatively affordable. With a median home value of $449,875, potential investors can enter the market without facing exorbitant costs. However, the lack of data on days on market (DOM) and the low 0.1% price-cut share suggest that homes are selling quickly and without significant discounts, indicating a stable but not highly competitive seller's market.
Tenant demand in Manlius is moderate. The area has a population of 16,168, with 18.6% of residents being renters. While the renter share is not exceptionally high, it does provide a steady pool of tenants for rental properties.
In conclusion, ZIP 13104 presents a mixed picture for landlords and small-portfolio investors. The discrepancy between the FMR and market rent suggests that landlords will have difficulty achieving the higher rent levels. Acquisition is feasible but not overly advantageous given the quick sales and minimal price reductions. Tenant demand is present but not robust, making it a stable market with limited upside potential. Investors should proceed with caution, focusing on cost-effective acquisitions and realistic rental pricing strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.