Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,150 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,960 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,200 |
| 5 Bedrooms | $4,872 |
| 6 Bedrooms | $5,457 |
| 7 Bedrooms | $5,894 |
| 8 Bedrooms | $6,189 |
Skeptical investors might question whether the Fair Market Rent (FMR) of $2540 for ZIP 90264 in fiscal year 2024 can cover the mortgage on a typical home. The median home price in ZIP 90264, which is part of Malibu, CA, is currently not specified, making it difficult to calculate an exact mortgage amount. However, based on the high-end nature of Malibu, it's reasonable to expect that mortgage payments could be substantial.
The next concern is whether there is sufficient renter demand at the current occupancy rate, which is also unspecified. Despite this lack of specific data, the fact that there are over 11,691 rental properties listed around ZIP 90264 suggests a robust market for renters. High demand typically indicates a willingness among tenants to pay higher rents, which can be beneficial for landlords.
A final objection could be whether the housing voucher amounts will keep pace with market rents in ZIP 90264. Unfortunately, the data does not provide a direct comparison between voucher amounts and market rents for this area. However, given the trend towards increasing FMRs, it's likely that voucher amounts will rise to meet these increases, though they may not always fully cover the higher end of the rental spectrum.
To summarize, while some specific data points are missing, the overall picture for ZIP 90264 suggests a strong rental market. Investors should consider these factors when deciding to enter the market, and be prepared for potential fluctuations in both mortgage costs and voucher coverage.
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.