Location: Kodiak Island Borough, AK | Metro: Kodiak Island Borough, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,580 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
U.S. Census Bureau data (2024)
The ZIP code 99624 is located in Larsen Bay, Alaska, which has a population of 145. Only 14.8% of residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $37,188, reflecting a modest economic base.
Regarding the rental market, the Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 99624 for fiscal year 2026 is set at $2,090. This figure serves as a benchmark for Section 8 voucher holders but contrasts sharply with the lack of available data on market rents, suggesting limited rental inventory.
Given the characteristics of ZIP 99624, it is better suited for a hands-on value-add buyer rather than a hands-off voucher operator. The low percentage of renters implies that there may be challenges in finding suitable tenants for properties. Moreover, the modest median income suggests that potential renters might struggle to afford the FMR, necessitating active management to ensure occupancy and maintain cash flow.
A hands-on approach would allow investors to tailor their offerings to the local demand, possibly by focusing on lower-cost units that align more closely with the median income or by offering additional services that could attract and retain tenants. Such strategies are essential given the limited rental market data and the unique economic profile of Larsen Bay, Alaska.
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.