Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
The investment risk assessment for ZIP 33283 in Unknown, FL, reveals several potential issues that could impact landlords and small-portfolio investors. Tenant turnover is a significant concern, especially when considering the difference between the market rent and the Fair Market Rent (FMR) set at $2320 for FY 2024. While the exact market rent is not available, it's crucial to understand that higher turnover can lead to increased costs in terms of finding new tenants, conducting background checks, and preparing properties for new occupants.
Vacancy exposure is another critical risk factor. The average days on market (DOM) for rental properties in this area is not specified, which makes it difficult to predict how long a property might remain vacant. However, high vacancy rates can significantly reduce a landlord's income, as properties may sit unoccupied for extended periods without generating any revenue.
The deferred maintenance exposure is also noteworthy. Without specific data on the typical home values and median incomes in ZIP 33283, it's challenging to gauge the financial capacity of residents to maintain their homes properly. This can result in landlords having to invest more in repairs and maintenance to keep properties up to code and habitable, especially if they are relying on Section 8 vouchers where the rent collected is fixed.
On the positive side, the high renter share in the area suggests strong demand for rental housing, including Section 8 vouchers. Although the exact percentage is not provided, areas with a large number of renters typically have a higher demand for subsidized housing, which can stabilize occupancy rates and provide a steady stream of income for landlords who qualify for the program.
In summary, while there are risks associated with tenant turnover, vacancy exposure, and deferred maintenance in ZIP 33283, the high renter density offers a mitigating factor. The overall verdict for a first-time Section 8 landlord in this area is moderate risk.
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.