Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
ZIP code 91743, located within the Riverside-San Bernardino-Ontario, CA MSA, has a Fair Market Rent (FMR) of $1940 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors who wish to understand the rental dynamics in this area.
The FMR is a benchmark used to determine eligibility for housing assistance programs such as Section 8. In comparison to typical ZIP codes within the Riverside-San Bernardino-Ontario MSA, where the average FMR is generally lower, 91743 stands out as a slightly higher-cost sub-market. However, without specific market rent and home value data for 91743, it's challenging to provide a precise classification of whether it represents a value pocket, a mid-tier neighborhood, or a premium sub-market.
The lack of market rent and home value data for 91743 suggests that it might be less developed or have a smaller population compared to other ZIP codes within the MSA. This could imply that there is less competition among landlords and property owners, which might affect pricing strategies and investment returns.
The absence of a reported renter share percentage makes it difficult to draw conclusions about the proportion of renters versus homeowners. Typically, a high renter share combined with below-average home values can indicate a favorable environment for Section 8 properties, as it suggests a strong demand for affordable rental housing.
To accurately assess whether 91743 is a Section 8 sweet spot, one would need to consider additional factors such as the local unemployment rate, median household income, and the availability of public transportation. These elements influence the attractiveness of the area to potential tenants and the overall investment climate.
Investors should also monitor the FMR trends over time. If the FMR in 91743 remains consistently above the average for the MSA, it may suggest a premium sub-market. Conversely, if it falls below the average FMR and the renter share increases, it could point towards a value pocket with growing affordability concerns.
Given the current data, ZIP 91743 appears to be a mid-tier neighborhood within the Riverside-San Bernardino-Ontario MSA, with rents slightly above the average but lacking sufficient data points to definitively classify it as a premium sub-market or a value pocket.
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.