Location: Ithaca, NY | Metro: Ithaca, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
The market in ZIP code 14852, located in New York, is characterized by a Federal Market Rent (FMR) of $1660 for fiscal year 2024. This figure represents the benchmark for rental prices in the area, set by HUD for Section 8 housing vouchers. The absence of reported market rent suggests that either there is limited data available on current rental prices, or the local rental market is relatively stable and closely aligned with the FMR.
Absent data on the percentage of price-cut share and days on market (DOM) indicates a lack of significant fluctuations in rental pricing and property turnover rates. Typically, a higher percentage of price cuts and longer DOM periods would signal an oversupply of rental properties relative to demand. Conversely, shorter DOM periods and fewer price cuts suggest a tighter market where demand meets or exceeds supply. Given the N/A status for these metrics, we cannot definitively conclude whether supply or demand is currently dominant in ZIP 14852.
The median home value is also not provided, which makes it challenging to assess the broader housing market dynamics. However, the FMR can serve as a proxy for understanding the rental segment's affordability and attractiveness to potential tenants, particularly those relying on government assistance programs.
ZIP 14852's unspecified renter share percentage leaves room for speculation regarding long-term housing pressures. A higher renter share often correlates with greater housing instability and potentially higher demand for rental units over time. Landlords and small-portfolio investors should monitor trends in the renter population to gauge future pressures on the rental market. The lack of specific data points to the need for ongoing vigilance in tracking local housing trends to make informed decisions.
In summary, ZIP 14852 presents a rental market with a defined FMR but lacking in other critical indicators. The stability suggested by the FMR and the absence of significant price-cutting activity imply a balanced market. However, the unknowns around renter share and median home value highlight the importance of staying attuned to local real estate developments.
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.