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 |
The rental market in ZIP 90833 presents a unique challenge due to incomplete data on median income and market rate, which makes it difficult to assess the overall financial landscape. However, we can still draw insights based on the available information.
The Fair Market Rent (FMR) set at $2540 for the fiscal year 2024 provides a benchmark for the Housing Choice Voucher program. This figure represents the maximum amount voucher holders can pay towards their rent. Given the lack of specific data on the median income and market rate, we must consider the implications of this standard against the unknown local conditions.
In a scenario where the market rate exceeds the FMR, the affordability gap widens, indicating that many renters might struggle to cover the costs without assistance. For landlords, this means increased competition for tenants who can afford market rates outright. The percentage of renters and the total population in ZIP 90833, while unspecified, likely influences the demand for both voucher-supported and cash-paying tenants.
The takeaway for landlords is clear: accepting vouchers can stabilize occupancy in a competitive market but comes with trade-offs. Vouchers ensure a steady stream of reliable tenants but cap potential rental income at the FMR level. Conversely, focusing on cash-paying tenants allows for higher rents but requires navigating the complexities of an uncertain local economy and potentially facing higher vacancy rates if market rates outpace local incomes.
Landlords should carefully weigh these factors when deciding their tenant strategy for ZIP 90833. Understanding the local economic trends and the proportion of renters reliant on vouchers versus those who can pay cash will be crucial in making informed decisions.
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.