Location: Reno, NV | Metro: Reno, NV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
The rent math in ZIP 89505 does not provide a clear comparison due to the lack of available market rent data. The Fair Market Rent (FMR) for the area, set at $1580 for fiscal year 2024, is the only figure provided. Without market rent data, it's impossible to determine if the rent charged would be competitive or overpriced.
Regarding acquisition affordability, the analysis is hampered by the absence of specific data on median home values, days on market (DOM), and the percentage of homes that have been price-cut. These metrics are crucial for understanding how easy or difficult it might be to acquire properties in the area. Since the necessary data is not available, a precise assessment cannot be made.
Tenant demand in ZIP 89505 is also uncertain without the exact population count and the percentage of renters in the area. The lack of these figures means that it's unclear whether there is sufficient demand to support rental properties. However, given that the ZIP code falls under the Reno, NV HUD Metro FMR Area, it can be inferred that the region has a significant number of renters who rely on housing assistance programs.
In conclusion, while the Fair Market Rent for ZIP 89505 is established at $1580 for fiscal year 2024, the incomplete data on market rents, median home values, days on market, and price-cut percentages makes it challenging to assess both the feasibility of rent pricing and the affordability of property acquisitions. Furthermore, the lack of tenant demographic details prevents a definitive evaluation of demand. To make an informed decision about investing in this ZIP code, landlords and small-portfolio investors should seek out additional, up-to-date information regarding local real estate trends and tenant populations.
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.