Location: Yakima, WA | Metro: Yakima, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
U.S. Census Bureau data (2024)
The ZIP code 98921 stands as a market in motion, characterized by a significant reliance on rental housing. With a Fair Market Rent (FMR) of $1480 for the fiscal year 2024, it's clear that rental pricing plays a pivotal role in this area. The absence of specific data regarding market rent, price-cut share, days on market (DOM), and median home value suggests a lack of detailed insight into the current supply and demand dynamics, but the high 100.0% renter share provides a strong indicator of long-term housing pressures.
In a market where every household is a renter, there is an inherent demand for rental properties. This saturation indicates a continuous need for rental units, which could be due to various factors such as affordability issues, transient populations, or economic conditions that favor renting over owning. Landlords and small-portfolio investors should recognize this as a steady demand signal, suggesting that there is little risk of an oversupply of rental units in the near term.
The Fair Market Rent figure of $1480 reflects the government's benchmark for affordable housing, setting a standard for what is considered reasonable for low-income households. For landlords, this means that while there is a robust demand for rental properties, the competition for tenants who qualify for assistance might also be intense. Ensuring properties meet the necessary standards for Section 8 eligibility can be a strategic advantage in attracting and retaining tenants.
The dynamics of 98921, with its total dependence on rentals, imply a market where demand is likely to outpace supply. This situation creates a challenging environment for potential homeowners, pushing many into the rental market. Investors looking to capitalize on this trend should focus on maintaining a competitive edge through property quality, location, and adherence to local regulations and standards.
In conclusion, ZIP 98921 presents a unique market scenario where the rental sector is the sole provider of housing. The high renter share points to sustained pressure on the rental market, making it a critical consideration for those involved in real estate investment in this area. While the exact supply-demand balance isn't explicitly defined by the available data, the implications of a 100.0% renter share suggest a market primed for continued rental activity.
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.