Location: Oakland-Fremont, CA | Metro: Oakland-Fremont, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,090 |
| 1 Bedroom | $2,290 |
| 2 Bedrooms | $2,810 |
| 3 Bedrooms | $3,600 |
| 4 Bedrooms | $4,260 |
| 5 Bedrooms | $4,942 |
| 6 Bedrooms | $5,535 |
| 7 Bedrooms | $5,978 |
| 8 Bedrooms | $6,277 |
The ZIP code 94623 in Unknown, CA, presents a dynamic rental market that is currently underserved by comprehensive data, yet the snapshot available offers valuable insights into its current state. The Fair Market Rent (FMR) for the area stands at $2590 for fiscal year 2024, indicating a baseline expectation for rental prices. However, the lack of specific market rent data suggests that the actual rental rates might be fluctuating or not well documented, which can often happen in areas experiencing rapid changes.
The absence of percentage data for price-cut share and days on market (DOM) points to a market that may be less volatile or more stable compared to others. In markets where these metrics are typically high, it often signifies an over-supply of units or a slow-moving market. Conversely, in 94623, without these indicators, we cannot definitively say whether supply outpaces demand or vice versa, but the stable FMR suggests a balanced market.
A notable gap in the data is the median home value, which is also not available. This could imply that the area is predominantly rental-focused, with fewer sales transactions occurring. When combined with the unknown percentage of renters, it paints a picture of a community heavily reliant on rentals, which could indicate ongoing long-term housing pressure. In such scenarios, the rental market remains critical as a primary source of housing for residents, suggesting that landlords and small-portfolio investors should closely monitor rental trends and consider the potential for steady demand.
The dynamics of 94623's rental market, therefore, seem to revolve around a reliance on rental properties rather than homeownership, with a fair market rent that aligns closely with what is deemed reasonable by federal standards. Landlords and investors should focus on understanding the local rental environment, including tenant preferences and the competition, to navigate this market effectively. The lack of detailed data underscores the need for proactive research and engagement with the local real estate community to stay informed about any emerging trends or pressures.
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.