Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,110 |
| 1 Bedroom | $3,300 |
| 2 Bedrooms | $3,990 |
| 3 Bedrooms | $5,290 |
| 4 Bedrooms | $6,410 |
| 5 Bedrooms | $7,436 |
| 6 Bedrooms | $8,328 |
| 7 Bedrooms | $8,994 |
| 8 Bedrooms | $9,444 |
U.S. Census Bureau data (2024)
The ZIP code 92134 presents several challenges for potential Section 8 landlords and small-portfolio investors. One significant issue is the disparity between the market rent and the Fair Market Rent (FMR) set at $3460 for FY 2024. This gap can lead to higher tenant turnover, as the subsidized rents might not cover the full cost of maintaining properties at market standards.
Vacancy exposure is another concern, with the days on market (DOM) being unspecified. A longer DOM can mean extended periods without rental income, which is particularly risky when relying on government subsidies that do not always match market rates. Additionally, the lack of specific data on typical home values and median incomes makes it difficult to assess the financial health of tenants and the potential for deferred maintenance issues. Properties may suffer from neglect if tenants cannot afford necessary repairs beyond their subsidized payments.
However, the 100.0% renter share in ZIP 92134 indicates a robust demand for rental housing, which typically translates into a strong interest in Section 8 vouchers. High renter density can help mitigate some of the risks associated with vacancy and turnover, as there will likely be a consistent pool of potential tenants seeking housing assistance.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.