Location: Yuma, AZ | Metro: Yuma, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
U.S. Census Bureau data (2024)
The rent math in ZIP 85347, part of the Yuma, AZ MSA, does not favor landlords. The Fair Market Rent (FMR) set at $970 for the fiscal year 2024 is notably lower than the market rent of $1,121 reported by the Census ACS. This discrepancy means that landlords would be better off charging the market rate, but they must consider the risk of higher vacancy rates if the FMR is what most tenants can afford.
Acquisition in this area is challenging due to limited data on median home values, days on market (DOM), and the percentage of homes needing price cuts. These factors are crucial for assessing whether it's a good time to buy properties for rental purposes. Without concrete numbers, it's difficult to provide a clear recommendation on the affordability of acquiring new rental units.
Tenant demand is strong in ZIP 85347. With a population of 575 and a significant 75.9% renter share, there is a notable preference for renting over owning among residents. This high proportion of renters indicates a robust market for landlords who can meet the financial needs of potential tenants.
Despite the strong tenant demand, the rent math does not work in favor of landlords when comparing the FMR to the market rent. Landlords should aim to balance their rental prices with what tenants can afford to avoid prolonged vacancies. Given the lack of detailed data on property acquisition costs, further investigation into local real estate trends is recommended before making investment decisions. In summary, while there is a solid base of tenants willing to rent, the financial viability of rental properties in ZIP 85347 is compromised by the disparity between FMR and market rents, necessitating careful consideration of pricing strategies and acquisition costs.
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.