Location: Otsego County, NY | Metro: Delaware County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The market in ZIP code 13775 presents a dynamic scenario that landlords and small-portfolio investors should consider carefully. The Fair Market Rent (FMR) for the area is set at $1,070 for fiscal year 2026, while the actual market rent as per the Census ACS data stands at $753. This discrepancy suggests that the rental market in 13775 is currently undervalued relative to what might be expected based on broader regional economic indicators.
A median home value of $250,983 indicates a middle-tier residential market, neither extremely expensive nor particularly affordable. However, without historical data on price cuts and days on market (DOM), it's challenging to determine whether supply is outpacing demand or vice versa. Nonetheless, the lower-than-FMR market rent could imply a slight oversupply or a preference among residents for purchasing over renting, which would naturally push rents down.
The 18.8% renter share of the population provides insight into the long-term housing pressures in the area. A relatively low renter share can mean that there is less immediate pressure on the rental market, but it also points to a potential for increased rental demand if homeownership rates were to decline. This could happen due to various factors such as changes in mortgage availability, shifts in economic conditions, or demographic trends that favor renting over buying.
In summary, ZIP 13775 offers a rental market that is currently below the fair market rate, suggesting an opportunity for landlords to potentially increase their rents modestly without losing tenants. The low renter share implies stability but also highlights the potential for growth in rental demand if the balance between renters and homeowners shifts. Landlords and investors should keep an eye on broader economic trends and local real estate developments to navigate these dynamics effectively.
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.