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 |
The market in ZIP 14520, located in Unknown, NY, presents a dynamic scenario that is indicative of shifting housing pressures. The Fair Market Rent (FMR) for the area stands at $1140 for fiscal year 2024, which serves as a benchmark for rental prices in the area.
A notable absence in the data provided is the market rent figure, suggesting that there may be limited data available on current rental rates. This could indicate either a nascent market or one where traditional sources of rental data do not fully capture the local dynamics. Additionally, the lack of percentage share for price-cut properties and days on market (DOM) further highlights the scarcity of detailed information, which is crucial for understanding the balance between supply and demand.
The median home value being listed as N/A suggests that there might not be a significant number of home sales transactions to establish a reliable median. This can occur in areas where homeownership is less prevalent or where the market is dominated by rentals. However, the N/A% renter share, while missing specific numbers, implies that renters form a substantial portion of the housing market in ZIP 14520. This high proportion of renters can put long-term pressure on the rental market, driving rents higher if the supply of rental units does not keep pace with demand.
In the absence of direct time-series data, we can infer that ZIP 14520 is likely experiencing a market where demand may be outpacing supply, particularly in the rental sector. The presence of a defined FMR without corresponding market rent data could suggest that landlords are setting rents above the government's fair market guidelines, indicating strong tenant interest and competition for units. Landlords and small-portfolio investors should pay close attention to the trends in rental demand and consider the potential for increased rent levels as the area continues to develop.
Data Sources: FMR data from HUD (2027).
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.