Location: Topeka, KS | Metro: Topeka, KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
The analysis of ZIP code 66620 within the Topeka, KS MSA metro area reveals several key points that are crucial for landlords and small-portfolio investors.
Firstly, regarding whether the rent math works, the Fair Market Rent (FMR) for ZIP 66620 in fiscal year 2024 is set at $980. However, without specific market rent data, it's challenging to compare the FMR to actual rental rates. This means that while we have a benchmark, the practical application depends on the local rental market conditions which are currently unknown.
Secondly, the affordability of property acquisitions is unclear due to the lack of data on the median home value, days on market (DOM), and the percentage of homes that experience price cuts. These metrics would typically provide insight into how competitive the housing market is and whether properties are selling quickly or requiring significant discounts to attract buyers. Without these figures, it's difficult to gauge the ease or cost of acquiring new rental properties.
Thirdly, tenant demand is another critical factor. The ZIP code's population and the percentage of renters are both unspecified, which makes it hard to assess the number of potential tenants and their willingness to pay rent. Typically, a higher renter share indicates stronger demand for rental properties, but this cannot be confirmed with the available data.
In summary, ZIP 66620 presents a scenario where the Fair Market Rent is established at $980, but without concrete data on market rents, median home values, days on market, price cut shares, population, and renter share, making informed decisions about investment and rental pricing remains speculative. Landlords and investors should seek additional local market data to fully understand the financial viability and tenant demand in this area.
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.