Location: Portland, ME | Metro: Portland, ME HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,130 |
| 5 Bedrooms | $3,631 |
| 6 Bedrooms | $4,067 |
| 7 Bedrooms | $4,392 |
| 8 Bedrooms | $4,612 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04103 in Portland, Maine, for fiscal year 2024 is set at $1940. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It is important to note that this is not the rent you will receive; rather, it is the benchmark used to determine the maximum allowable rent for subsidized units.
In comparison, the typical market rent in ZIP 04103 is around $2,485, according to the Zillow Rent Index (ZORI). This suggests that the FMR is lower than the average market rate, meaning landlords who participate in Section 8 might have to accept a slightly reduced income compared to non-subsidized rentals.
The 38.5% renter share indicates that nearly 4 out of every 10 households in the area are renters, which points to a steady demand for rental properties. This demand can be beneficial for landlords, as it ensures a pool of potential tenants interested in renting your property.
If you're considering purchasing a property to rent under Section 8, you should know that the median home value in ZIP 04103 is approximately $528,280. This represents the typical cost to acquire a home in this area, which is an important factor when assessing the financial viability of a Section 8 investment.
Before deciding to enter into a Section 8 rental agreement, one critical step is to ensure that your property meets all the required standards. Specifically, you must verify that your rental unit passes a housing quality inspection (HQS), which checks for safety, habitability, and compliance with local codes. This is a non-negotiable requirement and failure to meet these standards could result in rejection of your application to participate in the program.
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.