Location: San Jose-Sunnyvale-Santa Clara, CA | Metro: San Jose-Sunnyvale-Santa Clara, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,460 |
| 1 Bedroom | $2,780 |
| 2 Bedrooms | $3,270 |
| 3 Bedrooms | $4,390 |
| 4 Bedrooms | $4,690 |
| 5 Bedrooms | $5,440 |
| 6 Bedrooms | $6,093 |
| 7 Bedrooms | $6,580 |
| 8 Bedrooms | $6,909 |
The analysis of ZIP 94023 within the San Jose-Sunnyvale-Santa Clara, CA HUD Metro FMR Area reveals several key points for landlords and small-portfolio investors.
First, regarding the rent math, the Fair Market Rent (FMR) set at $3130 for the fiscal year 2024 does not provide a direct comparison due to the lack of available market rent data. However, it's important to note that the FMR is designed to ensure housing costs do not exceed 30% of a household's income, thus offering a benchmark for affordability.
Second, on the affordability of acquisitions, the data indicates that the median home value, days on market (DOM), and the percentage of homes requiring price cuts are currently unavailable. This absence of information makes it challenging to assess the ease or difficulty of acquiring properties in this area without further investigation into recent sales and listing trends.
Third, concerning tenant demand, the ZIP code's population and the percentage of renters are also not specified in the provided dataset. Without these figures, it's difficult to gauge the potential occupancy rates and the competition for tenants in ZIP 94023.
In conclusion, while the Fair Market Rent for ZIP 94023 is established at $3130, making it a useful reference point for setting rental prices, the lack of detailed market data such as median home values, days on market, percentage of price cuts, and specific tenant demographics complicates a thorough assessment. Investors should seek additional local real estate and demographic reports to make informed decisions about property acquisitions and rental strategies 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.