Location: Las Vegas-Henderson-North Las Vegas, NV | Metro: Las Vegas-Henderson-North Las Vegas, NV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
The analysis for ZIP code 89036 in Nevada reveals some limitations due to incomplete data. However, we can still provide a basic understanding of the potential Section 8 cap-rate scenario based on the available information.
The Fair Market Rent (FMR) for a 2-bedroom apartment in ZIP 89036 for fiscal year 2024 is set at an annualized rate of $1640. This figure represents the maximum amount that a landlord could receive per month from a Section 8 tenant, which would total $1640 annually for a 2-bedroom unit. The market rent for this area is currently not available, indicating a gap in data that prevents us from making a direct comparison between Section 8 rates and market rates.
The median home value for ZIP 89036 is also not specified, which means we cannot calculate an exact gross yield for either the Section 8 scenario or the market rent scenario. Gross yield is calculated by dividing the annual rental income by the property's value. Without knowing the median home value, we must rely on other factors to infer the potential yield.
Given the lack of specific market rent figures and the median home value, it is challenging to determine which scenario is more realistic. However, the absence of market rent data suggests that there might be limited competition or data availability in this particular ZIP code. Additionally, the renter density percentage and days on market (DOM) are not provided, which would normally give insights into how quickly properties are rented out and the proportion of renters versus homeowners in the area.
In summary, while the Section 8 FMR provides a clear rental income figure of $1640 annually for a 2-bedroom unit, the missing market rent and median home value prevent us from calculating an accurate gross yield for both scenarios. Landlords and investors should consider these gaps in data when evaluating the potential profitability of properties in ZIP 89036 under a Section 8 program or through market rents.
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.