Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
U.S. Census Bureau data (2024)
ZIP code 02875, located in Shannock, Rhode Island, is a renter-heavy area with 63.6% of its population renting their homes. This indicates a strong demand for rental properties and a significant potential for Section 8 tenants. The average market rent in this ZIP code is $1,825. Given that the median household income is not available, it's crucial to consider the Fair Market Rent (FMR) set by HUD for the Housing Choice Voucher program, which is $2,180 for FY 2024.
The average market rent of $1,825 is below the FMR of $2,180, suggesting that landlords can expect to receive the full FMR amount for their units if they participate in the Section 8 program. This difference implies that landlords could potentially cover their costs and make a profit from renting to Section 8 tenants.
In terms of affordability, if we assume a median income level similar to the state average, a typical rent of $1,825 would consume a substantial portion of local income. However, the exact percentage cannot be calculated without specific income data. Landlords should prepare for a tenant pool that heavily relies on rental assistance programs such as Section 8 due to the high percentage of renters and the lower market rent compared to the FMR.
The expected tenant profile includes individuals and families who require financial assistance to afford housing. They will likely be seeking stable, affordable living conditions and may have diverse backgrounds and needs. Landlords must ensure compliance with HUD regulations and be prepared to manage a mix of subsidized and non-subsidized tenants.
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.