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 ZIP code 92513 in Unknown, CA presents a unique challenge for both renters and landlords due to incomplete data on median income and market rates. However, analyzing the available figures provides insights into the rental market dynamics.
The Fair Market Rent (FMR) for the area, as set by the Department of Housing and Urban Development (HUD), is $2090 for fiscal year 2024. This figure represents the voucher payment standard for households participating in the Section 8 program. Without a specific median income or market rate, it's challenging to quantify exactly how affordable the rent is for the average household. But, it's clear that the voucher amount is designed to cover a significant portion of the housing costs in the area.
The percentage of renters and the total population in ZIP 92513 are also unspecified, making it difficult to assess the exact competition among landlords. However, in areas where there is a high concentration of renters, landlords often face stiff competition. Voucher holders represent a reliable source of tenants since their rent payments are guaranteed through government subsidies.
The affordability gap between the voucher payment and the actual market rate could be substantial if the market rate exceeds $2090. Landlords who accept vouchers might find themselves with fewer options compared to those who can attract cash-paying tenants willing to pay higher rents. Conversely, landlords who choose not to accept vouchers might struggle with vacancy rates if the majority of potential tenants rely on assistance programs.
Takeaway: For landlords considering their strategy in ZIP 92513, accepting vouchers ensures a steady stream of tenants but limits the potential for higher rental income. Cash-paying tenants can offer better financial returns but require landlords to compete effectively in terms of property quality and location. The decision should factor in the local market conditions and the landlord's risk tolerance.
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.