Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,860 |
| 4 Bedrooms | $3,440 |
| 5 Bedrooms | $3,990 |
| 6 Bedrooms | $4,469 |
| 7 Bedrooms | $4,827 |
| 8 Bedrooms | $5,068 |
The analysis for Section 8 properties in ZIP code 92502, located in Unknown, CA, reveals a significant financial gap that landlords must consider. The Fair Market Rent (FMR) for the area as of fiscal year 2024 is set at $2090. However, the market rent for the same period is listed as N/A, which means there is insufficient data to determine an accurate comparison against the FMR. This lack of data is critical because it prevents us from calculating the exact dollar and percentage gap between the FMR and the actual market rent.
In scenarios where the FMR exceeds the market rent, landlords can benefit from accepting Section 8 vouchers as it ensures a steady, government-backed income stream. Voucher tenants provide a predictable cash flow, which can be a strategic yield play, especially in areas with high rental vacancy rates or where finding reliable tenants is challenging. In such cases, the gap between FMR and market rent would represent the additional income landlords could potentially earn by accepting voucher tenants over market-rate tenants.
Conversely, when the FMR is lower than the market rent, landlords might incur a loss by renting to voucher tenants at rates below what the market offers. This scenario requires careful consideration of the costs associated with managing Section 8 properties, including potential delays in rent payments and stricter maintenance requirements. The difference between FMR and market rent in these situations represents the cost landlords face by opting for housing voucher tenants instead of market-rate ones.
The overall context of Unknown, CA, is also important. With N/A% of residents being renters, the median home value and median income are both listed as N/A, indicating a lack of detailed demographic data. This absence of comprehensive local economic indicators makes it difficult to fully assess the impact of Section 8 on the rental market in this area. Landlords should be cautious and seek out additional local market data to make informed decisions about their property investments.
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.