Location: Grant County, WA | Metro: Grant County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 99135 reveals critical insights for landlords and small-portfolio investors considering investment in this area.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,130. However, the market rent based on Census ACS data stands at $393. This significant gap indicates that relying solely on FMR could lead to overestimating potential rental income. Landlords must align their expectations with the actual market conditions to ensure financial viability.
The second point concerns the affordability of acquisitions. With a median home value of $218,074, the cost of entry into the real estate market here is relatively low compared to many other areas. Unfortunately, the data does not provide specific information on the number of days on market (DOM) or the percentage of homes that have had their prices cut. This lack of detail makes it challenging to assess how quickly properties are selling and if there is a trend of price reductions, which are key indicators of market liquidity and competition.
Regarding tenant demand, the ZIP code has a population of 395, with only 7.2% being renters. This suggests a limited pool of potential tenants, which could impact occupancy rates and the overall attractiveness of the market for rental investments.
Verdict: The rent math in ZIP 99135 does not align with the optimistic FMR projections; instead, it is grounded in a much lower market rent. Acquisition costs are affordable, but without DOM and price-cut data, assessing market competitiveness is difficult. Tenant demand is notably weak due to the small population and low renter share. Overall, this market presents challenges for achieving consistent rental income and maintaining occupancy, making it less favorable for investment.
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.