Location: North Slope Borough, AK | Metro: North Slope Borough, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
The ZIP code 99791 presents a dynamic rental market, primarily driven by the Federal Market Rent (FMR) and the actual market rent. The FMR for this area stands at $1,630 for metro fiscal year 2026, indicating a higher benchmark set by the government for rental assistance programs. In contrast, the market rent, based on Census American Community Survey (ACS) data, is currently at $1,000. This suggests that the market is below the federal guideline, potentially pointing towards a scenario where demand is not as high as supply.
The significant gap between the FMR and the market rent can be attributed to various factors including the economic conditions, local employment opportunities, and the availability of affordable housing options. However, the lack of specific data on price-cut share and days on market (DOM) prevents a definitive conclusion on whether supply is outpacing demand or vice versa. Nevertheless, the current market rent being lower than the FMR implies that landlords might have some flexibility in setting their rents without losing tenants to subsidized units.
A key indicator of long-term housing pressure in ZIP 99791 is the 57.0% renter share. This percentage highlights that over half of the households in the area are renters, which can exert continuous pressure on the rental market. High renter shares typically mean a sustained demand for rental properties, making it a potentially stable investment for landlords and small-portfolio investors. It also suggests that there could be challenges in homeownership due to financial constraints or other barriers, leading to a preference for renting among residents.
Investors should consider these dynamics when evaluating the potential returns and risks associated with properties in ZIP 99791. The lower market rent compared to the FMR offers a margin of safety for rental pricing, while the substantial renter share indicates a robust demand for rental housing. These factors combined suggest a market where rental investments could thrive, provided that the investor is aware of the underlying economic conditions and the competition from subsidized housing.
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.