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 of ZIP code 89111 in the Las Vegas-Henderson-North Las Vegas, NV MSA reveals several key points for landlords and small-portfolio investors.
Regarding rent math, the Fair Market Rent (FMR) set at $1640 for fiscal year 2024 serves as a benchmark. However, without specific market rent data, it's challenging to determine if this aligns perfectly with what tenants are willing to pay. The FMR should be used as a minimum standard to ensure that properties are priced competitively and attract eligible tenants.
On the topic of acquisition affordability, the lack of specific data on median home values, days on market (DOM), and the percentage of homes needing price cuts makes it difficult to provide a precise assessment. Landlords and investors need to research further to find out if the current market conditions support affordable property acquisitions. Without these figures, it's impossible to gauge how long it takes for a property to sell or whether price reductions are common, which could affect the initial investment costs.
Tenant demand in ZIP 89111 is another critical factor. With no specific population or renter share percentages available, understanding the potential pool of tenants is limited. High tenant demand typically correlates with a larger population and a higher percentage of renters, both of which would suggest strong occupancy rates and lower vacancy risks.
To conclude, while the Fair Market Rent provides a solid starting point for setting rental prices, the absence of specific market data hinders a comprehensive evaluation of acquisition affordability and tenant demand. Investors must conduct thorough local market research to fill in these gaps and make informed decisions. Despite the incomplete data, the area's strategic location within the Las Vegas metro suggests potential opportunities, but these must be verified against current market conditions.
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.