Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,400 |
| 5 Bedrooms | $2,784 |
| 6 Bedrooms | $3,118 |
| 7 Bedrooms | $3,367 |
| 8 Bedrooms | $3,535 |
U.S. Census Bureau data (2024)
To classify ZIP code 84113, we need to focus on the available data points: the Fair Market Rent (FMR) for the Fiscal Year 2024, which is $1470, and the lack of specific market rent and home value figures. The absence of data on the percentage of renters, days on market (DOM), and median income makes it challenging to fully assess the stability of the area.
Yield Analysis: With an FMR of $1470, the rental market in ZIP 84113 offers a clear benchmark for potential rental income. Landlords can use this figure to set competitive rental rates that align with the average market expectations. However, without knowing the exact market rent, it's difficult to determine if there's an opportunity for higher yields through strategic pricing or property enhancements.
Stability Analysis: Stability in a rental market can be gauged by the percentage of residents who are renters, the average number of days properties remain on the market before being rented, and the local income levels. Unfortunately, the data provided does not include these metrics, leaving us unable to make a precise assessment of the stability in ZIP 84113. This gap suggests a cautious approach to investment decisions, as understanding the local economic conditions and tenant turnover is crucial for long-term success.
Given the limited data, ZIP 84113 appears to offer a moderate level of yield potential, based on the FMR figure. The undefined stability metrics indicate a need for further research to understand the risks associated with the local rental market dynamics. Therefore, this area could be considered neither a high-yield/low-stability flip-style market nor a steady-cashflow zone, but rather a middle-ground scenario where careful consideration of both yield and stability factors is necessary before making investment decisions.
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.