Location: Port St. Lucie, FL | Metro: Port St. Lucie, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The ZIP code 34950, located in Fort Pierce, FL, presents a dynamic rental market that reflects a balance between supply and demand. The Fair Market Rent (FMR) for the area, set at $1320 for fiscal year 2024, is notably lower than the market rent, which stands at $1645 according to ZORI. This discrepancy suggests that the rental market is robust, with rents exceeding the government's benchmark for fair market values.
The low price-cut share of 0.2% indicates that landlords are not frequently lowering their rents to attract tenants, implying a strong demand for rental properties in the area. While the days on market (DOM) is listed as N/A, it can be inferred that listings do not typically linger long before being leased, further supporting the idea that demand is steady.
The median home value of $192,333 is relatively low, which could attract first-time buyers and investors looking for affordable entry points. However, the significant 61.1% share of renters in the area suggests that there is a substantial population that prefers or needs to rent rather than buy. This high renter share is indicative of long-term housing pressure, as a majority of residents are likely seeking rental options due to affordability constraints or lifestyle choices.
In conclusion, the market in ZIP 34950 is characterized by a strong rental sector with demand potentially outpacing supply, especially considering the low rate of price cuts and the high proportion of renters. Landlords and small-portfolio investors should find opportunities in this environment, but they must also be prepared to compete with other rental properties to maintain occupancy rates.
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.