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 ZIP code 91385, located in California, presents a dynamic rental market with the Fair Market Rent (FMR) set at $2540 for fiscal year 2024. This figure, established by HUD, indicates the level of rental affordability expected for the area. However, the absence of current market rent data suggests that there might be limited recent transactions or listings available for analysis, which could point to either a quieter market or an evolving one.
The lack of specific percentages regarding price-cut shares and days on market (DOM) further complicates the assessment of the immediate supply-demand balance. Typically, these metrics would provide insight into how quickly properties are being rented and whether landlords are having to reduce their asking prices to attract tenants. With these figures unavailable, it's challenging to determine if the supply is currently outpacing demand or vice versa. However, the FMR being set can imply that the government recognizes a need to ensure affordable housing options are available, which might suggest some level of demand pressure.
The median home value is also noted as N/A, indicating that residential sales data might not be reflective of the rental market dynamics. This could mean that the area is predominantly a rental market, or that there is insufficient data on home sales to draw meaningful conclusions. In either case, the absence of a median home value highlights the importance of focusing on the rental market trends for this ZIP code.
The N/A% renter share statistic is particularly telling. It implies that the proportion of renters to homeowners in the area is not well-defined or is fluctuating. High renter shares often indicate long-term housing pressures, such as limited availability of affordable homes for purchase or strong preference for renting over buying. While we cannot quantify the exact percentage here, the implication is that there is a significant reliance on rentals, which can signal ongoing housing pressure in the area. Landlords and small-portfolio investors should remain vigilant to changes in local policies and economic conditions that could impact the rental market's stability and profitability.
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.