Location: Logan, UT | Metro: Logan, UT-ID MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
The analysis of ZIP code 84323, located in Logan, UT-ID MSA metro, reveals several key points that are essential for landlords and small-portfolio investors considering investment in this area.
First, let's address whether the rent math works. The Fair Market Rent (FMR) for ZIP 84323 as of fiscal year 2024 is set at $1050. However, the market rent data is currently unavailable. This means that without additional information on what tenants are actually paying in the market, it's challenging to determine if the FMR accurately reflects the rental income potential. Landlords should seek out recent local rental listings to make a more informed decision.
Second, regarding the affordability of acquisitions, the median home value is not available, which makes it difficult to assess the cost of purchasing properties. Additionally, the average number of days on the market (DOM) and the percentage of homes that require price reductions are also missing. These metrics are crucial for understanding how quickly homes sell and whether they need to be discounted, which can impact the overall cost of acquiring properties.
Third, concerning tenant demand, the population and the percentage of renters in ZIP 84323 are both currently unknown. Tenant demand is a critical factor for rental properties, as it directly affects occupancy rates and the ability to fill vacancies. Without knowing the size of the local population and the proportion of individuals who prefer renting over owning, it's hard to gauge the stability of the rental market.
In conclusion, while the Fair Market Rent for ZIP 84323 is established at $1050, the lack of specific data on market rents, median home values, days on the market, price-cut percentages, population, and renter shares hinders a comprehensive analysis. Investors must gather more detailed local market information to make an informed decision about the viability of investing in this ZIP code. The current data gap leaves significant uncertainty around profitability and tenant demand, necessitating further research before committing capital.
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.