Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The analysis for ZIP code 73143 in Unknown, OK, reveals a challenging environment for landlords and small-portfolio investors due to limited data availability. The Federal Market Rent (FMR) for a two-bedroom apartment in fiscal year 2024 is set at $1080 annually, which translates to a monthly rental rate of $90. However, the market rent for this area is currently not available, making it difficult to draw direct comparisons.
The median home value in ZIP 73143 is also not reported, which is critical for calculating the implied gross yield. For context, the gross yield can be estimated using the formula: Gross Yield = (Annual Rental Income / Median Home Value) * 100. Without the median home value, we cannot provide an exact figure for the gross yield based on the FMR or market rent.
Given the FMR of $1080, if we hypothetically assume a median home value, say $150,000 for illustrative purposes, the implied gross yield would be 0.72%. This calculation assumes that the median home value represents a typical investment property in the area. However, this assumption is speculative without actual data.
The lack of information on renter density and Days on Market (DOM) further complicates the analysis. These metrics are crucial for understanding how quickly properties can be leased and the proportion of renters in the area, which directly impacts the viability of Section 8 properties.
In conclusion, while the FMR provides a baseline for rental income, the absence of key data points such as market rent, median home value, renter density, and DOM makes it impossible to accurately determine the cap rate or compare gross yields. Landlords and investors should seek out local real estate agents or brokers who can provide detailed insights into the specific conditions of ZIP 73143 before making any investment decisions.
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.