Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
The analysis of ZIP code 32315 in Tallahassee, Florida, reveals several critical points for landlords and small-portfolio investors considering the area.
Firstly, the rent math does not work favorably. The Fair Market Rent (FMR) for ZIP 32315 in fiscal year 2024 is set at $1370. However, the absence of market rent data suggests that actual rental rates might be lower, making it challenging to cover expenses and generate profit at the FMR level.
Secondly, the acquisition cost in this ZIP code is not clearly defined due to the lack of specific data on median home values, days on market (DOM), and the percentage of homes that have been subject to price cuts. Without these figures, it's difficult to assess whether purchasing properties here would be financially prudent.
Lastly, regarding tenant demand, the data provided does not include the population size or the percentage of renters in ZIP 32315. This information is crucial for understanding the potential pool of tenants and the competition among rental properties.
Verdict: Investing in ZIP 32315 presents challenges due to the unavailability of key data points such as market rent, median home value, DOM, and the percentage of homes needing price adjustments. Additionally, without knowing the population size and the percentage of residents who are renters, it's hard to gauge the strength of tenant demand. These uncertainties make it difficult to recommend this ZIP code for investment based solely on the available HUD data. Further research into local market conditions and trends is necessary before making any investment decisions.
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.