Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The potential pitfalls for Section 8 landlords in ZIP 14475 are significant. Tenant turnover can be a challenge, especially considering the market rent is not available but the Fair Market Rent (FMR) for FY 2024 stands at $1300. This discrepancy between market rent and FMR may lead to higher tenant turnover as voucher holders may find it difficult to secure housing outside the program. Vacancy exposure is another concern, with the days on market (DOM) not specified, making it hard to predict how quickly a property will fill once vacant. Given the typical home value of $468,027 and the median income of $123,917, there is a notable gap that could lead to deferred maintenance issues if tenants struggle to cover the costs associated with maintaining such properties.
However, these risks must be weighed against the 0.0% renter share in the area, which suggests an extremely low population of renters relative to homeowners. While this might imply less demand for rental properties overall, it also indicates a potentially high concentration of voucher users among the few renters. This high renter density usually correlates with a higher demand for Section 8 vouchers, which could stabilize occupancy rates and mitigate some of the aforementioned risks.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the scarcity of rental options and the presence of voucher holders in ZIP 14475 make it a moderate risk for a first-time Section 8 landlord. The area's unique characteristics require careful consideration before investing.
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.