Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,810 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,340 |
| 5 Bedrooms | $3,874 |
| 6 Bedrooms | $4,339 |
| 7 Bedrooms | $4,686 |
| 8 Bedrooms | $4,920 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 98134 does not work favorably for landlords. The Fair Market Rent (FMR) set at $2960 for the fiscal year 2024 contrasts sharply with the actual market rent of $1,457, based on Census ACS data. This discrepancy means that properties priced according to the FMR may struggle to find tenants willing to pay those rates.
Acquisition in this area is challenging due to the high median home value of $436,141. With no data available on days on market (DOM) or the percentage of homes that required price cuts, it's difficult to assess how quickly homes sell or if they need to be discounted to attract buyers. However, the high median home value suggests that purchasing property here would be a significant investment, likely beyond what many small-portfolio investors can comfortably manage.
Tenant demand in ZIP 98134 is relatively low given the small population size of 645, where only 63.7% are renters. This limited pool of potential tenants could make it harder to fill rental units consistently, especially considering the mismatch between FMR and market rents.
In summary, while there is some tenant demand in ZIP 98134, the rent math is unfavorable and acquisitions are costly. Landlords and small-portfolio investors should carefully consider these factors before investing in this area. The high median home values and the disparity between FMR and actual market rents indicate that returns may be lower than expected, and securing tenants might prove difficult.
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.