Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
The analysis of ZIP code 14638 within the Rochester, NY MSA reveals several critical insights for landlords and small-portfolio investors.
The rent math does not work favorably due to the lack of available market rent data. The Fair Market Rent (FMR) for the area is set at $1340 for fiscal year 2024. Without a comparison to actual market rents, it's challenging to determine if this figure aligns with what tenants can afford or what landlords can expect to charge. However, if market rents are below this FMR, landlords may find themselves charging higher rates than the market can bear.
Acquisition in ZIP 14638 is not straightforward without specific data on median home values, days on market (DOM), and the percentage of homes that have been listed with price cuts. These metrics would provide a clear picture of whether buying properties in this area is financially viable and how competitive the housing market is. For instance, a high DOM could indicate a sluggish market, while a significant price-cut share might suggest that sellers are having difficulty finding buyers, which could be an opportunity for investors but also a sign of market weakness.
Tenant demand is also uncertain without detailed population and renter share data. A robust tenant base is essential for rental properties to thrive. If the population is low and the percentage of renters is minimal, securing tenants could prove difficult. Conversely, a large population with a substantial renter share would bode well for rental occupancy rates.
Verdict: The current data for ZIP 14638 is insufficient to make a definitive recommendation. Landlords and small-portfolio investors should seek additional local market intelligence to understand the dynamics of rent pricing, property acquisition costs, and tenant demand before making investment decisions. Until more specific figures are available, caution is advised.
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.