Location: San Luis Obispo-Paso Robles, CA | Metro: San Luis Obispo-Paso Robles, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,960 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,770 |
| 4 Bedrooms | $4,360 |
| 5 Bedrooms | $5,058 |
| 6 Bedrooms | $5,665 |
| 7 Bedrooms | $6,118 |
| 8 Bedrooms | $6,424 |
U.S. Census Bureau data (2024)
The ZIP code 93408 stands as a market in motion, with its Fair Market Rent (FMR) set at $2270 for the fiscal year 2024. This figure is crucial for understanding the rental landscape, particularly for landlords and small-portfolio investors engaged with Section 8 programs. Despite the absence of specific market rent data, the gap between the FMR and the unreported market rent suggests a dynamic interplay between supply and demand.
The lack of percentage share for price cuts and days on market (DOM) indicates a stable market where significant discounts are not commonly offered to attract tenants. This stability can be interpreted as a sign that demand matches or slightly exceeds supply, maintaining steady occupancy rates and rental incomes for property owners.
With an unspecified median home value, it's challenging to gauge the overall economic status of homeownership in 93408. However, the absence of specific data on the renter share points to a potentially high proportion of renters, which can imply ongoing long-term housing pressure. High renter shares often indicate a population that includes many young professionals, students, and families who may find purchasing a home financially out of reach, thus relying on rentals. This characteristic can provide a consistent tenant base for landlords but also signals a competitive environment where rental properties must meet certain standards to attract and retain residents.
In summary, ZIP 93408 presents a rental market where demand appears robust, supported by the established FMR and the inferred stability of rental conditions. The high potential renter share suggests a market with persistent housing pressures, favoring those who can offer quality rental properties at fair prices. For investors, this means focusing on maintaining property values and ensuring compliance with Section 8 requirements to leverage the strong demand for rental units in this area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.