Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
To classify ZIP 84110 in Salt Lake City, Utah, we need to analyze the given data points against typical real estate investment metrics. The Fair Market Rent (FMR) for the area is set at $1610 for fiscal year 2024, which is the primary figure available for our analysis.
The FMR indicates the maximum amount that can be charged for rental units under the Section 8 Housing Choice Voucher program. This figure suggests a potential cash flow for landlords who participate in the program. However, without knowing the local market rent and median home values, it's challenging to fully assess the yield potential. Typically, if the FMR is significantly higher than the average market rent, it could signal a high-yield opportunity. Conversely, if the FMR is close to or below market rents, the yield would be lower.
Regarding stability, we lack specific percentages of renters, days on the market (DOM), and median household income. These figures are crucial for understanding the financial health and demand stability of the rental market. Without these details, we cannot make a precise determination about the stability of the market. High percentages of renters and shorter DOM generally indicate a stable market, whereas lower incomes might suggest higher risk.
Based on the limited data provided, ZIP 84110 appears to offer a moderate yield opportunity, given the FMR of $1610. This figure should be compared against actual market rents to determine the true yield potential. Stability remains uncertain due to the absence of key metrics such as the percentage of renters and median income levels. Landlords and small-portfolio investors should proceed with caution, gathering additional local market data before making 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.