Location: Clallam County, WA | Metro: Clallam County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The ZIP code 98350 presents a dynamic rental market influenced by factors that suggest a balance between supply and demand, but with indications of long-term housing pressure. The Fair Market Rent (FMR) for the area is set at $1,130, reflecting the federal guideline for determining eligibility for housing assistance programs. This figure, part of the metro fiscal year 2026 data, highlights the government's assessment of the rental market's health and affordability.
In contrast, the actual market rent stands at $683, as reported by the Census American Community Survey (ACS). This discrepancy between the FMR and the market rent suggests that there may be an oversupply of rental units, driving down the average rent prices. However, it could also indicate that there is a significant portion of lower-cost housing available, which keeps the overall average lower despite higher-priced units.
The 36.0% renter share in ZIP 98350 is a critical metric that reveals the proportion of residents who rent their homes rather than owning them. This relatively high percentage points to a persistent demand for rental properties, which can create long-term housing pressure. As the number of renters increases, so does the competition for available rental units, potentially leading to upward pressure on rents over time.
While specific data on price-cut share, days on market (DOM), and median home value is currently unavailable, the interplay between the FMR and market rent provides insight into the rental dynamics. Landlords and small-portfolio investors should monitor these trends closely, as they reflect the underlying economic conditions affecting the rental market in 98350.
The snapshot of the ZIP code's rental market reveals a complex environment where federal guidelines and actual market conditions coexist. For investors, understanding these dynamics is crucial for making informed decisions about property acquisitions and management strategies. The current figures suggest a market where rental demand is substantial, driven by a significant renter population, yet with enough supply to keep prices below the federal guidelines.
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.