Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,190 |
| 1 Bedroom | $2,330 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,740 |
| 4 Bedrooms | $4,520 |
| 5 Bedrooms | $5,243 |
| 6 Bedrooms | $5,872 |
| 7 Bedrooms | $6,342 |
| 8 Bedrooms | $6,659 |
The Fair Market Rent (FMR) for ZIP 92051 in Unknown, CA, for fiscal year 2024 stands at $2830. This figure provides a snapshot of the rental market's current state, suggesting that it is robust and likely facing upward pressure. The absence of specific data on market rent, price-cut share, days on market (DOM), and median home value indicates a lack of comprehensive information typically used to gauge the balance between supply and demand.
However, the high FMR without corresponding market rent data suggests that the rental market may be experiencing strong demand, potentially due to limited supply or high desirability. Landlords and small-portfolio investors should consider that the FMR is set by HUD to reflect the 40th percentile of market rents, meaning that 60% of units in the area are priced higher. This implies that there could be significant opportunities for those willing to offer competitive pricing while still achieving above-average returns.
The unknown percentage of renter share in ZIP 92051 offers insight into the long-term dynamics of housing pressure. A high renter share often correlates with increased competition for rental properties, which can lead to higher rents and greater challenges in finding affordable housing. Conversely, a lower renter share might indicate a preference for homeownership, reducing the immediate pressure on rental prices but also potentially limiting the pool of tenants.
In ZIP 92051, the dynamics of the real estate market suggest a fluid environment where demand appears to be strong, possibly driven by factors such as job growth, population increase, or desirable living conditions. The lack of specific data points to potential inefficiencies or gaps in the local market, which could present both risks and opportunities for savvy investors.
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.