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 market in ZIP 91508, located in California, presents a dynamic environment for real estate investors, particularly those interested in Section 8 properties. The Fair Market Rent (FMR) for the area stands at $2540 for fiscal year 2024, which serves as a benchmark for rental rates in subsidized housing programs.
Absent specific market rent data, it's clear that the government's assessment of rental values reflects a certain level of demand for affordable housing. The lack of detailed metrics such as price-cut share, days on market (DOM), and median home value suggests limited public data on recent transactions, possibly indicating a less active market for sales compared to rentals.
The absence of a precise percentage for the renter share also points to a unique characteristic of the ZIP code. While this figure is typically indicative of the balance between renters and homeowners, the unknown percentage here implies that the area may be experiencing shifts in its housing landscape. This could mean an increasing trend towards renting, which would suggest ongoing pressure on the housing market as demand for rental units grows.
In the context of Section 8 investments, the dynamics of ZIP 91508 suggest a market where the availability of affordable rental units is crucial. Landlords and small-portfolio investors should focus on understanding local policies and subsidies to capitalize on the rental demand. Given the FMR figure, properties priced around or below this mark will likely attract tenants, especially those benefiting from Section 8 vouchers.
The current snapshot indicates a market in flux, where the absence of certain data points can be as telling as their presence. For landlords, this means staying informed about local rental trends and being prepared to adjust to changes in tenant demand and government subsidies.
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.