Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
The analysis of ZIP code 32911 reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 32911 in fiscal year 2024 is set at $1430. However, the absence of current market rent data makes it challenging to directly compare and assess the viability of this figure against local market conditions.
Moving on to the affordability of acquisitions, the lack of specific data on median home values, days on market (DOM), and the percentage of homes needing price cuts hinders a detailed evaluation. Without these figures, it's impossible to provide a concrete assessment of how affordable property acquisitions might be in this area.
The third point examines tenant demand. With no specific population numbers or the percentage of renters available, we cannot accurately gauge the demand for rental properties. This missing information is critical for understanding the potential occupancy rates and the competition in the rental market.
In conclusion, while the Fair Market Rent for ZIP 32911 is established at $1430, the incomplete dataset prevents a thorough analysis of acquisition affordability and tenant demand. To make informed decisions, further research into current market rents, median home values, days on market, percentage of price cuts, and demographic details such as population and renter share is necessary. Investors should proceed with caution until more comprehensive data is available.
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.