Location: Bremerton-Silverdale-Port Orchard, WA | Metro: Bremerton-Silverdale-Port Orchard, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
The real estate market in ZIP 98364 presents a unique set of conditions that are crucial for both landlords and small-portfolio investors to consider. The median home value is currently not available, which suggests an incomplete picture of the housing market in this area. However, the percentage of listings that have been reduced and the median days on market (DOM) also being unavailable point towards a market that might be experiencing some volatility or a lack of consistent data reporting.
On the rental side, the Fair Market Rent (FMR) for ZIP 98364 is set at $2250 for fiscal year 2024. This figure provides a benchmark for rental prices in the area, indicating that landlords should aim to align their rental rates with this standard to remain competitive. If the current market rent is below this FMR, it signals potential upward pressure on rents as the market adjusts to meet the fair market rate.
The setup implied by the available data suggests that landlords and investors should focus on maintaining properties at a level that justifies the FMR of $2250. Any property improvements or updates should be considered with the aim of increasing rental income without exceeding the reasonable expectations set by the FMR.
For long-term hold investors, the appreciation thesis in ZIP 98364 appears to be somewhat uncertain due to the lack of specific median home value data and the incomplete understanding of the current market dynamics. Without concrete figures on past appreciation rates or current trends, it's challenging to assert a strong appreciation case. Nonetheless, if the rental market continues to trend towards the FMR, this could indirectly support property values through increased demand for rental properties, which often correlates with higher home prices.
In summary, the data points to a market where rental prices are expected to rise to meet the FMR of $2250, while the lack of detailed home value and listing reduction data indicates a need for caution when assessing long-term appreciation potential. Landlords and investors should stay informed about local market conditions and adjust their strategies accordingly.
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.