Location: Urban Honolulu, HI | Metro: Urban Honolulu, HI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,540 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
The ZIP code 96837 in Unknown, HI presents an interesting scenario for both renters and landlords. The median income for households in this area is not available, which makes it challenging to assess the financial capability of potential tenants to cover the market rent, also noted as N/A. However, the Federal Market Rent (FMR) standard for vouchers in ZIP 96837 for fiscal year 2024 is set at $2390. This figure provides a benchmark for rental pricing, particularly for those relying on housing assistance.
Given the lack of specific data regarding the percentage of renters and the total population, we can infer that the affordability gap might be significant if the market rates exceed the voucher payment standard. Landlords in this area will face competition from properties that accept vouchers, especially if there is a high concentration of renters who rely on such assistance due to limited income data indicating possible economic constraints.
For landlords considering their strategy between accepting voucher tenants versus those paying cash, the analysis points to a nuanced decision. If market rates are indeed higher than the FMR of $2390, landlords may find themselves with fewer cash-paying tenants willing to meet those rates. Accepting vouchers could ensure steady, government-backed rental income, though it may come with administrative overhead and restrictions.
The takeaway for landlords is to carefully evaluate the local rental market dynamics, including the proportion of voucher holders and the willingness of renters to pay above the FMR. Given the uncertainty around median income and exact market rates, staying close to the $2390 FMR may attract a broader tenant pool while maintaining competitive positioning against other rental properties in the 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.