Location: Lake County, OR | Metro: Lake County, OR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 97640 is defined by a significant reliance on renters, with 30.9% of the population renting their homes. This high percentage indicates a robust demand for rental properties, which can translate into sustained pressure on housing availability. The Fair Market Rent (FMR) for the area, set at $1,430 for metro fiscal year 2026, serves as a benchmark for understanding what constitutes a reasonable rent in the context of government-assisted housing programs, such as Section 8.
Despite the absence of specific data regarding market rents, days on market (DOM), median home values, and the share of listings that require a price cut, the overall picture suggests a dynamic market. The fact that FMR is established without corresponding market rent data might imply that there's limited private market data available, possibly due to the dominance of subsidized housing or a less active private rental sector.
The high renter share also points towards potential challenges for homeownership, as a larger portion of the population may find it difficult to transition into owning property. This could be due to various factors including economic conditions, job market dynamics, or demographic trends favoring renting over buying. For landlords and small-portfolio investors, the high dependency on rentals signals a steady demand for units, though it also means competition for tenants who may be price-sensitive.
While the exact dynamics between supply and demand cannot be definitively stated without additional data, the reliance on government-set FMRs and the substantial renter base suggest that demand may be strong relative to supply, particularly for affordable units. Investors should consider the implications of this for vacancy rates and tenant retention strategies.
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.