Location: Yates County, NY | Metro: Yates County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The market in ZIP code 14441 presents a dynamic equilibrium, with the Fair Market Rent (FMR) set at $1090 for fiscal year 2024, indicating a government benchmark that landlords should aim to meet or slightly exceed to remain competitive. The actual market rent, as reported by the Census ACS, stands at $718, suggesting that landlords can potentially increase their rental rates to align more closely with the FMR without losing tenants, assuming the local economy supports such an adjustment.
The median home value of $245,344 provides insight into the overall affordability and desirability of the area. This figure, combined with the FMR and market rent, suggests that while homeownership is within reach for many residents, a significant portion of the population opts for renting. With a 20.0% renter share, there's a notable segment of the population that is likely to remain in the rental market due to various factors, including financial constraints, lifestyle choices, or a preference for flexibility. This persistent demand for rentals implies a steady pressure on the rental market, which could translate into consistent occupancy rates and stable rental income for landlords.
The lack of data regarding the percentage of price-cut share and days on market (DOM) indicates that either these metrics are not commonly tracked in this region or they are relatively stable, not causing significant fluctuations in the market. A stable market often means that landlords can maintain rents without frequent adjustments and that finding new tenants is a manageable process.
In summary, ZIP 14441 appears to be a market where demand for rental properties is strong enough to sustain current rental rates but leaves room for potential increases to match the FMR. The high median home value alongside a substantial renter share points to a scenario where long-term housing pressures will continue to favor landlords who can offer desirable rental units at competitive prices.
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.