Location: Oakland-Fremont, CA | Metro: Oakland-Fremont, CA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,930 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,630 |
| 3 Bedrooms | $3,360 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $492,426 | 0.44% | F |
| 2BR | $2,630 | $677,208 | 0.39% | F |
| 3BR | $3,360 | $943,962 | 0.36% | F |
| 4BR | $3,980 | $1,222,231 | 0.33% | F |
| 5BR | $4,617 | $1,546,962 | 0.3% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 94619 (Oakland, CA) does not favor landlords. The Fair Market Rent (FMR) set by HUD for the area in fiscal year 2024 is $2,250, which is notably lower than the current market rent, as indicated by Zillow's Owner Occupied Rental Index (ZORI), at $2,639. This discrepancy suggests that landlords may struggle to cover costs if they adhere strictly to the FMR guidelines.
Acquisition of properties in ZIP 94619 is challenging due to the high median home value of $837,999. While the Days on Market (DOM) stands at 22 days, indicating a relatively quick sale process, only 0.1% of listings experience a price cut, suggesting that homes are selling close to their asking prices. This combination makes it difficult for landlords and small-portfolio investors to acquire properties at affordable rates.
Tenant demand in ZIP 94619 is strong, with a total population of 26,831 and a significant 30.3% of residents being renters. This indicates a robust pool of potential tenants willing to pay the higher market rents. However, the demand alone does not offset the challenges posed by the high acquisition costs and the disparity between FMR and market rents.
In conclusion, while ZIP 94619 presents a solid tenant demand, the rent math does not align favorably with the HUD's FMR, and property acquisition remains expensive. Landlords and small-portfolio investors should carefully consider these factors before investing in this market. The high cost of entry and the lower FMR guidance could lead to financial strain unless market conditions significantly change to bridge the gap between FMR and actual rental prices.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.