Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
U.S. Census Bureau data (2024)
The ZIP code 02918 has a population of 2,925 individuals, with 100.0% being renters. This indicates a highly rental-focused community where owning property is not common.
Regarding affordability, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for this area in fiscal year 2024 is $1690. Without knowing the exact median income and market rate, it's challenging to provide a precise comparison. However, if the market rate exceeds $1690, then many households might struggle to afford housing without assistance.
The voucher payment standard of $1690 suggests that the government aims to support households in finding affordable housing. If the market rate is higher than this figure, the difference represents the affordability gap faced by renters. This gap can be significant, especially in a tight rental market where nearly all residents are renters.
For landlords, this means competition could be fierce, particularly if the market rate is much higher than the voucher amount. Landlords who accept vouchers will have a steady stream of tenants but at a lower rate compared to cash-paying tenants. However, the lack of homeownership and high reliance on rentals indicate a strong demand for housing, which can be beneficial for landlords willing to accept vouchers.
The takeaway for landlords considering voucher versus cash-pay strategies is that while accepting vouchers means lower rent payments, it also ensures consistent occupancy and a reliable tenant base. In contrast, targeting cash-paying tenants might yield higher immediate returns but could come with the risk of vacancy in a competitive rental market. Landlords should consider their long-term goals and the local economic conditions when deciding their strategy.
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.