Section 8 Fair Market Rent (FMR) for ZIP 00936 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 00936 in Puerto Rico for fiscal year 2024 is set at $670. This figure represents the maximum amount the U.S. Department of Housing and Urban Development (HUD) will pay to cover a tenant's portion of the rent through the Section 8 program. It is important to note that this is not the rent you should charge your tenants; it is the reimbursement limit for the housing assistance.

While the local median rent for ZIP 00936 is listed as N/A, which indicates incomplete data, we can still use the FMR to gauge the potential demand for rental properties in this area. The percentage of renters in the ZIP code is also listed as N/A%, suggesting that detailed demographic information may be limited. However, given the nature of Section 8, there is likely a significant number of eligible low-income individuals seeking affordable housing options.

The acquisition cost for properties in ZIP 00936 is listed as N/A, indicating that specific costs for acquiring a property may vary widely and require further investigation. Landlords and small-portfolio investors must consider not only the rental income but also the overall costs associated with maintaining and managing a rental property.

To participate effectively in the Section 8 program, ensure that your property meets all HUD’s quality standards known as Housing Quality Standards (HQS). These standards are designed to ensure that rental units are safe and decent for residents. Failure to meet these standards can result in non-payment for the unit. Therefore, before finalizing your decision to enter the Section 8 market, verify that your property complies with HQS requirements.

In summary, the FMR of $670 for ZIP 00936 provides a benchmark for the reimbursement rate under the Section 8 program. Despite the lack of specific local rent and acquisition cost data, the demand for affordable housing is strong, making Section 8 an attractive option for landlords. Ensure your property meets HQS to avoid complications and secure consistent payments.

Data Sources: FMR data from HUD (2027).

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.