Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,680 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
The ZIP code 32877 is located in an area of Florida known for its diverse mix of residents and properties. However, specific detailed statistics such as the total population, the percentage of renters, median income, and median home value were not immediately available for this particular ZIP code.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 32877 in fiscal year 2024 is set at $1870. This figure is crucial for Section 8 landlords and small-portfolio investors as it determines the maximum allowable rent for subsidized units. The market rent in this area is currently not specified, but given the FMR, it suggests that there could be opportunities for both hands-off voucher operators and hands-on value-add buyers depending on the specific property and its condition.
For a hands-off voucher operator, the stability provided by the Section 8 program can be a significant advantage. The guaranteed rent payment of $1870 ensures a steady cash flow, making it an attractive option for those who prefer minimal tenant management.
On the other hand, for a hands-on value-add buyer, there might be potential to improve upon the current market conditions. By investing in property upgrades and management practices, a landlord could potentially command higher rents above the FMR, attracting tenants who do not qualify for the voucher program but are willing to pay premium rates for better amenities or location.
To make a definitive decision, further research on the local rental market trends, property conditions, and tenant demand would be necessary. Both approaches have their merits, and the choice depends on the investor's strategy and risk tolerance.
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.