Location: Reno, NV | Metro: Carson City, NV MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $378,267 | 0.45% | F |
| 3BR | $2,290 | $586,569 | 0.39% | F |
| 4BR | $2,660 | $756,534 | 0.35% | F |
| 5BR | $3,086 | $938,891 | 0.33% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 89703, part of the Carson City, NV, Reno, NV HUD Metro FMR Area, does not align favorably with federal guidelines. The Federal Market Rent (FMR) for the area stands at $1430 for fiscal year 2024, while the actual market rent, as indicated by ZORI, is significantly higher at $1,988. This discrepancy suggests that properties relying solely on FMR may struggle to cover costs, particularly in a competitive rental market.
Acquisition in ZIP 89703 is relatively unaffordable for potential investors. The median home value is $622,938, which represents a substantial upfront investment. Additionally, the lack of available data on days on market (DOM) and the low percentage of homes needing price cuts (0.1%) indicate a robust real estate market where competition among buyers could drive up property prices further. This makes it challenging for investors to acquire properties at a price that offers a good return relative to the median value.
Tenant demand in ZIP 89703 is moderate. With a population of 10,738, approximately 27.5% of residents are renters. This means there are around 2,947 potential tenants in the area. While this number is not negligible, it is important to consider the supply of rental units and the overall demand dynamics, which can vary based on local economic conditions and job availability.
In summary, ZIP 89703 presents challenges for landlords and small-portfolio investors due to the mismatch between FMR and market rents, high median home values making acquisitions less affordable, and moderate tenant demand. Investors should proceed with caution, carefully analyzing the specific property and its location within the ZIP code, as well as considering broader economic factors affecting the region.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.