Location: Springfield, MA | Metro: Springfield, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
1340 is the Fair Market Rent (FMR) for ZIP code 01139 in fiscal year 2024, setting a clear benchmark for rental properties in the area. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 program. While the specific market rent for the area is not available, the FMR serves as a reliable indicator of what is considered reasonable and fair in terms of rental costs. Landlords should ensure their rents align closely with this figure to maximize participation in the program and maintain occupancy rates.
1340 also implies that there is a significant gap between the FMR and typical market rents, which could be advantageous for landlords willing to participate in Section 8. The lack of data on median home values and other economic indicators suggests that the housing market in ZIP 01139 might be less volatile or less tracked compared to larger metropolitan areas, potentially offering more stable investment opportunities.
1340 FMR highlights the importance of understanding local housing needs and the demographics of potential tenants. Although the median income and percentage of renters in the area are not specified, landlords can leverage the FMR to assess the financial capabilities of prospective tenants and make informed decisions about property management and maintenance.
1340 FMR sets the stage for landlords to evaluate their properties' suitability for the Section 8 program. By comparing their rental rates to this figure, landlords can determine if they can profitably offer their units at or below the FMR. Additionally, the absence of data on days on market (DOM) and the percentage of homes that have had their prices cut indicates a relatively stable local real estate market, which could translate into steady demand for affordable housing options.
1340 FMR is a critical number for landlords considering Section 8 participation. It provides a clear guideline for setting rental prices that comply with federal standards while ensuring that the property remains attractive to tenants who qualify for assistance. Given the stability implied by the lack of negative market indicators, investing in Section 8-compliant properties in ZIP 01139 appears to be a sound strategy for small-portfolio investors looking to secure long-term, stable returns.
1340 concludes that the Section 8 program in ZIP 01139 offers a viable option for landlords seeking consistent rental income without the risks associated with fluctuating market conditions.
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.