Section 8 Fair Market Rent (FMR) for ZIP 92816 - 2027

FY 2027 Fair Market Rent Rates

ZIP code 92816, located in Riverside, California, is a suburban area known for its residential neighborhoods and proximity to the University of California, Riverside. The region offers a mix of single-family homes and apartments, catering to students, young professionals, and families.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 92816 for fiscal year 2024 is set at $2780. This figure represents the benchmark for rental prices that landlords should aim to stay competitive with.
• The median home value in the area is currently not available, which suggests that the housing market might be undergoing significant changes or lacks sufficient recent data for accurate assessment.
• The percentage of renters in the area is also not available, indicating a lack of clarity on whether the market leans more towards ownership or renting. However, the presence of the university likely supports a robust rental demand.
• The days on market (DOM) for properties in ZIP 92816 is not available, suggesting that there is no recent trend data on how quickly properties are selling or renting out. This could mean that the market is stable but requires further investigation for detailed insights.
• The median income for residents in ZIP 92816 is not available, making it difficult to assess the economic health of the area and the potential for higher rental rates based on income levels.

In summary, ZIP 92816 presents a rental market with a defined benchmark for fair market rents, particularly for two-bedroom units, but lacks comprehensive data on home values, rental demographics, and economic indicators. Landlords and investors should focus on understanding local trends and the impact of the university on the rental market to make informed decisions. While the FMR provides a solid starting point, the absence of other key metrics necessitates a thorough on-the-ground analysis before committing to investments in this area.

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.