Location: Albuquerque, NM | Metro: Albuquerque, NM MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
The analysis of ZIP code 87190 within the Albuquerque, NM MSA reveals several key points for potential investment.
The Fair Market Rent (FMR) for ZIP 87190 in fiscal year 2024 is set at $1200. However, due to the lack of specific market rent data, it's challenging to make a direct comparison. Nonetheless, if the market rent aligns closely with the FMR, the rent math could work effectively for Section 8 tenants.
Regarding the affordability of acquisition, the median home value and other specific metrics such as days on market (DOM) and percentage of homes needing price cuts are not available. This makes it difficult to assess the current market conditions for purchasing properties affordably. Landlords should conduct further research into recent sales data and market trends to make informed decisions.
Tenant demand can be gauged by the population and the percentage of renters. Unfortunately, without specific population and renter share percentages for ZIP 87190, it's impossible to provide a definitive assessment of demand. Typically, a higher renter share indicates greater demand for rental housing, which is beneficial for landlords and small-portfolio investors.
In conclusion, while the Fair Market Rent at $1200 suggests that the rent math could potentially work for Section 8 tenants, the lack of detailed market data regarding median home values, days on market, price-cut shares, and tenant demographics complicates a thorough analysis. Investors should seek additional local market insights to determine the feasibility of acquiring properties in ZIP 87190 and to understand the tenant demand accurately.
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.