Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,220 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $4,030 |
| 5 Bedrooms | $4,675 |
| 6 Bedrooms | $5,236 |
| 7 Bedrooms | $5,655 |
| 8 Bedrooms | $5,938 |
The analysis of ZIP 98113 within the Seattle-Bellevue, WA HUD Metro FMR Area reveals several key points that are essential for landlords and small-portfolio investors.
Firstly, regarding the rent math, the Fair Market Rent (FMR) set at $2700 for the fiscal year 2024 indicates a benchmark for rental pricing in this area. However, the absence of specific market rent data makes it challenging to directly compare and determine if the rent math works effectively. Investors should monitor local market trends closely to ensure their rental rates align with the FMR and actual market conditions.
Secondly, the acquisition affordability in ZIP 98113 cannot be fully assessed without specific data on the median home value, days on the market (DOM), and the percentage of homes requiring price cuts. These metrics are crucial for understanding how competitive the housing market is and whether purchasing properties at reasonable prices is feasible.
Lastly, the tenant demand in ZIP 98113 is uncertain due to the lack of specific population and renter share percentages. These figures would provide insight into the number of potential tenants and the proportion of the population willing to rent rather than buy, which is vital for ensuring steady occupancy.
Verdict: While the Fair Market Rent for ZIP 98113 is established at $2700, the incomplete data on market rent, median home values, days on the market, price-cut shares, population, and renter share percentages hinders a comprehensive assessment of investment viability. Landlords and investors must gather detailed local market information to make informed decisions about rental pricing, property acquisition, and tenant demand. Without these specifics, the potential for a successful Section 8 real estate investment remains unclear.
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.