Location: Pensacola-Ferry Pass-Brent, FL | Metro: Pensacola-Ferry Pass-Brent, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
The ZIP code 32516 in Unknown, FL, presents a dynamic rental market with specific characteristics that can be inferred from the available data. The Fair Market Rent (FMR) for the area stands at $1240 for fiscal year 2024, indicating a baseline expectation for rental prices in subsidized housing programs. However, the absence of data on market rent suggests that either there is insufficient data or the market rent closely aligns with the FMR, creating a stable pricing environment.
The lack of information on the percentage of listings that require a price cut and the number of days on market (DOM) implies that the rental market in ZIP 32516 is relatively balanced. When supply and demand are in equilibrium, fewer listings need adjustments, and the time it takes to rent a property is typically shorter. This stability is further supported by the absence of a median home value, which might indicate that the focus of the real estate activity in this area is more on rentals rather than sales.
A key metric missing from the snapshot is the percentage of renters in the area. This figure is crucial for understanding the long-term housing pressure. In areas where a significant portion of the population rents, there is likely to be persistent demand for rental properties, leading to higher occupancy rates and potentially upward pressure on rents over time. Conversely, if the renter share is low, it could signal a preference for homeownership, which might result in less competitive rental markets.
In summary, while ZIP 32516 shows a clear rental market with an established FMR, the lack of certain data points such as market rent, price-cut share, DOM, and renter share, indicates a balanced market without significant signs of either oversupply or undersupply. Landlords and small-portfolio investors should keep a close eye on these metrics as they become available to make informed decisions about their investments.
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.