Location: Manchester, NH | Metro: Manchester, NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,670 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
The Fair Market Rent (FMR) for ZIP code 03111 in Fiscal Year 2024 is set at $1850. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the Housing Choice Voucher program to determine the subsidy amount.
To clarify, if your property qualifies under Section 8 guidelines, the government will pay up to $1850 per month towards the rent. The tenant contributes the remainder based on their income, which is typically 30% of their adjusted monthly income.
Local average rents are currently listed as N/A, making direct comparisons challenging. However, the percentage of residents who are renters in ZIP 03111 is N/A%, indicating a significant portion of the population relies on rental housing. This suggests a steady demand for rental properties, especially those that meet the needs of low-income families.
The median home value in ZIP 03111 is also listed as N/A. While this doesn't directly correlate to the cost of acquiring a rental property, it can give you an idea of the overall market value. Acquisition costs for rental properties vary widely depending on the type of property, its condition, and location within the ZIP code.
Before proceeding with your first Section 8 rental, verify that your property meets all the necessary inspection criteria. This includes passing a Housing Quality Standards (HQS) inspection, which ensures your property is safe and habitable. Failure to meet these standards could result in the voucher being denied for your property.
In conclusion, the FMR of $1850 provides a benchmark for setting your rent. Given the N/A% of renters in the area, there is likely demand for affordable housing options. Ensure your property is ready for inspection to avoid delays and complications once you decide to participate in the Section 8 program.
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.