Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP code 13301, as reflected by the Fair Market Rent (FMR) set at $1010 for fiscal year 2024, suggest a static rental environment. The lack of data on market rent, price-cut share, days on market (DOM), and median home value indicates that there might be limited activity or transparency in these areas, making it difficult to assess the immediate supply-demand balance.
The absence of a significant renter share, indicated by the 0.0% figure, points towards a predominantly owner-occupied area. This characteristic can imply lower short-term volatility but also suggests potential long-term housing pressures. With fewer rental units available, any increase in demand for rentals could lead to upward pressure on rents due to scarcity. Conversely, if demand remains stable or decreases, landlords might struggle to find tenants willing to pay the set FMR, indicating a possible mismatch between rental offerings and affordability.
To understand whether supply outpaces demand or vice versa, we must look beyond the immediate snapshot. In markets with low renter shares, the overall stability can mask underlying trends. If new residents are moving into the area, they might prefer purchasing homes over renting, which could sustain or even increase home values while keeping rental prices steady or slightly depressed. On the other hand, if there is an influx of renters, it could quickly shift the balance, driving up rental prices and reducing vacancy rates.
The static nature of the rental market, as evidenced by the FMR without corresponding market rent data, implies a controlled environment where the rental prices are likely influenced by government guidelines rather than purely market forces. This scenario benefits from careful monitoring of both local economic conditions and broader housing trends to predict future movements accurately.
In conclusion, ZIP 13301 presents a market characterized by a high degree of owner occupancy and a rental sector governed by fixed standards. The dynamics here suggest a need for landlords and small-portfolio investors to remain vigilant to shifts in local demand and to leverage the stability of owner-occupied housing for strategic investment decisions.
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.