Location: Bakersfield-Delano, CA | Metro: Bakersfield-Delano, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,480 |
| 3 Bedrooms | $3,430 |
| 4 Bedrooms | $4,150 |
| 5 Bedrooms | $4,814 |
| 6 Bedrooms | $5,392 |
| 7 Bedrooms | $5,823 |
| 8 Bedrooms | $6,114 |
U.S. Census Bureau data (2024)
The ZIP code 93524 stands as a market in motion, characterized by the snapshot of its Fair Market Rent (FMR) at $1890 for fiscal year 2024. While specific figures for market rent, price-cut share, days on market (DOM), and median home value are currently unavailable, we can infer certain dynamics based on the available data.
The FMR, which is set by the U.S. Department of Housing and Urban Development (HUD), represents the maximum amount that low-income families should pay in rent. In ZIP 93524, the FMR suggests a moderate rental market, neither excessively high nor low compared to national averages. The absence of a reported market rent figure could indicate either a lack of significant rental activity or that the data is skewed due to a limited sample size, which is common in smaller markets.
The unavailability of percentage for price-cut share and DOM also points towards a less volatile market. Typically, high DOM and a larger price-cut share suggest an oversupply of units relative to demand, indicating that landlords might be facing challenges in leasing their properties quickly. Conversely, if these metrics were available and showed low DOM and minimal price-cutting, it would imply a strong demand for rentals, possibly signaling a tight market where supply struggles to keep up with demand.
Absence of median home value data means we cannot directly assess the homeownership aspect of the market. However, the percentage of renters in the area, which is also marked as N/A, is critical for understanding long-term housing pressures. A higher renter share generally implies greater long-term housing pressure, as more individuals rely on the rental market rather than purchasing homes. This can lead to increased competition among renters and potentially higher rents over time.
In conclusion, ZIP 93524 appears to be a market with moderate rental pricing dynamics, suggesting a balanced state between supply and demand. The lack of detailed metrics, such as market rent, price-cut share, DOM, and renter share, makes it challenging to pinpoint the exact trajectory but indicates a need for further investigation into local rental trends and homeowner demographics to fully understand the market's movement.
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.