Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,580 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,330 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
U.S. Census Bureau data (2024)
ZIP code 32816 in Orlando, FL has a population of 12,624. Approximately 43.45% of residents are renters, indicating a moderate rental market presence. This percentage suggests that while there is significant demand for rental properties, it is not overwhelmingly dominated by renters.
The median household income for ZIP 32816 is $55,000. Market rent averages around $1,000 per month, which equates to roughly 18.2% of the median income. This figure is lower than the Fair Market Rent (FMR) of $1,870 set for FY 2024, suggesting that tenants in this area might have a higher capacity to pay rent closer to the FMR if they qualify for Section 8 vouchers.
A landlord in 32816 should expect a mix of tenants, including those who might benefit from Section 8 vouchers. Given the relatively low market rent compared to the FMR, tenants with vouchers could find properties affordable and landlords might be able to secure higher rents than the current market average.
The average vacancy rate in 32816 is 14.29%, which is slightly above the national average. However, this rate is manageable and does not indicate a severe problem with property abandonment or squatting.
In summary, ZIP 32816 presents a viable opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a moderate rental market and a median income that allows for significant portions of the population to potentially qualify for vouchers, landlords can anticipate a steady demand for affordable housing units. The existing market rent is notably lower than the FMR, offering potential for increased rental income through voucher programs.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.