Location: Bakersfield-Delano, CA | Metro: Bakersfield-Delano, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
ZIP code 93389, located within the Bakersfield-Delano, CA MSA, has a Fair Market Rent (FMR) of $1260 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors operating under the Section 8 housing voucher program, as it sets the maximum rental rate for subsidized units.
To contextualize 93389's FMR within the broader Bakersfield-Delano, CA MSA, we must first acknowledge that the specific market rents and home values for 93389 are currently unavailable. However, the lack of market rent data does not necessarily indicate a deviation from the metro average. In contrast, the absence of home value data suggests that there might be limited sales activity or fewer single-family homes in the area, which could point towards a higher concentration of rental properties.
The FMR of $1260 is likely to align closely with the average rental rates across the Bakersfield-Delano, CA MSA, given the typical range of rental prices in the region. The FMR is designed to reflect reasonable rental costs for the area, so a ZIP code with an FMR close to this level would generally be considered a mid-tier neighborhood within the metro.
The unknown percentage of renter share adds another layer of complexity to the analysis. If the renter share in ZIP 93389 is significantly higher than the average for the Bakersfield-Delano, CA MSA, this could suggest that it is a value pocket, particularly attractive for Section 8 tenants. High renter share combined with below-average home values often indicates a location where rental demand is strong and property values are relatively low, making it a sweet spot for landlords who cater to Section 8 housing vouchers.
In summary, ZIP 93389 appears to be a mid-tier neighborhood within the Bakersfield-Delano, CA MSA based on its FMR. However, the potential for it to be a value pocket is contingent upon its renter share being notably higher than the metro average. Landlords should consider the specific dynamics of this ZIP code, including the strength of rental demand and the availability of Section 8 vouchers, when evaluating investment opportunities.
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.