Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
To classify ZIP code 85216 in Unknown, AZ, we must consider the available data on yield and stability. The Fair Market Rent (FMR) for 2024 is set at $1880. This figure represents the median rent for a standard two-bedroom apartment in the area and is used by the U.S. Department of Housing and Urban Development (HUD) to determine eligibility for housing assistance programs such as Section 8.
Despite the FMR being known, critical data points that would normally help us assess market conditions and property values are missing. For instance, the market rent and home value figures are listed as 'N/A', which means we cannot compare these to the FMR to determine if the area is a high-yield market. Similarly, the percentage of renters, average days on the market (DOM), and median income figures are also not available, making it impossible to fully gauge the stability of the rental market in ZIP 85216.
The presence of an FMR without corresponding market rent or home value figures suggests that the area might be receiving some form of HUD attention, possibly due to a need for affordable housing solutions. However, without additional data, it's challenging to definitively categorize the ZIP as either a high-yield/low-stability market suitable for flipping properties, or a steady-cashflow zone where long-term investments are more likely to succeed.
In conclusion, while ZIP 85216 offers a defined FMR of $1880 for the fiscal year 2024, the lack of supplementary data on market rents, home values, and demographic stability prevents a clear classification of the investment potential. Landlords and small-portfolio investors should seek out additional local market intelligence before making any investment decisions 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.