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 |
The Fair Market Rent (FMR) for ZIP code 92304 stands at $1940 for fiscal year 2024, providing a clear benchmark for rental properties in the area. Despite the lack of specific current market rent figures, the FMR suggests a robust rental environment, indicating that the area likely experiences steady demand for affordable housing options.
The absence of detailed metrics such as price-cut share percentage and days on market (DOM) makes it challenging to pinpoint the exact balance between supply and demand. However, given the established FMR, it can be inferred that demand may currently exceed supply, creating a competitive market for tenants. Landlords and small-portfolio investors should take note of this dynamic, as it may present opportunities for maintaining or slightly increasing rents without significantly impacting occupancy rates.
With the median home value also unspecified, understanding the broader context of homeownership versus renting becomes more speculative. Nonetheless, the N/A% renter share, while lacking precise numbers, points towards a potentially high proportion of renters in the area. This suggests that there might be considerable long-term housing pressure, driving a continuous need for rental units. For investors, this implies that the rental market could remain resilient, offering stable returns over time.
In summary, ZIP 92304 appears to be a market characterized by strong tenant demand, particularly for properties priced around the FMR. The high renter share indicates a sustained pressure on the housing market, favoring investments in rental properties. Landlords should capitalize on these dynamics to ensure optimal occupancy 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.