Location: Tacoma, WA | Metro: Tacoma, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,860 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
U.S. Census Bureau data (2024)
The ZIP code 98416 presents a dynamic rental market that is currently underserved by available data, yet several key indicators provide insight into its current state and potential trajectory. The Fair Market Rent (FMR) for the area stands at $1890 for the fiscal year 2024, which serves as a benchmark for rental rates but does not reflect the actual market rent due to limited data availability.
The absence of specific market rent figures, days on market (DOM), and median home values suggests a lack of transparency and possibly a niche market. This could indicate either a nascent market with emerging opportunities or an established market that is difficult to quantify due to unique characteristics such as seasonal fluctuations or localized economic factors.
While the percentage of properties listed at a price cut and the median days on market are not provided, these metrics typically help determine whether supply is outpacing demand or vice versa. In ZIP 98416, the scarcity of such data points to a market that may be experiencing changes, making it challenging to pinpoint the exact balance between supply and demand.
The unspecified renter share percentage gives us a clue about the nature of housing pressure in the long term. Generally, a higher renter share can signify increasing housing pressure, as more individuals and families seek rental options rather than purchasing homes. Conversely, a lower renter share might suggest a preference for homeownership or a stable population that is less transient. Without specific numbers, we can infer that the dynamics of the rental market in 98416 are influenced by the underlying preferences and behaviors of its residents, which could shift over time.
In summary, ZIP 98416 operates under the shadow of incomplete data, which makes it a challenging but potentially rewarding market for landlords and small-portfolio investors. The FMR of $1890 provides a starting point, but the true nature of the market requires deeper investigation into local trends and property listings to fully understand the interplay between supply and demand.
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.