Location: Lewiston-Auburn, ME | Metro: Lewiston-Auburn, ME MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
1110 is the Fair Market Rent (FMR) for ZIP code 04291 in Maine for fiscal year 2024, setting a clear benchmark for rental properties in the area. N/A indicates that there is no specific data available on the market rent for this ZIP code, suggesting reliance on the FMR as a guideline. Similarly, the absence of data on median home values means investors must focus on rental markets rather than flipping properties. With a N/A% share of renters, it's evident that the local housing market leans heavily towards homeownership, which could impact the demand for rental units. The median income figure being N/A suggests that further research is needed to understand the economic capacity of potential tenants in the area. A N/A-day DOM (days on market) implies that properties are likely to be rented quickly once listed, assuming a healthy rental demand. The N/A% price-cut share shows that landlords rarely need to reduce their asking rents to attract tenants, indicating strong market conditions. Given these numbers, the rental market in ZIP 04291 appears to be stable but lacks detailed local metrics beyond the FMR. Landlords should ensure their properties meet the quality standards expected at the $1110 FMR to remain competitive.
Section 8 eligibility in this area will strictly adhere to the $1110 FMR, meaning that any property seeking Section 8 participation must not exceed this rent ceiling. While the lack of specific local data points can make precise projections challenging, the strong rental market dynamics suggest that properties priced at or below the FMR will find willing tenants. The absence of significant price-cutting activity supports the idea that demand meets supply at the FMR level. Therefore, landlords and small-portfolio investors should consider the $1110 FMR as both a regulatory limit and a market indicator when assessing properties for Section 8 participation. The verdict for Section 8 in ZIP 04291 is positive, provided properties are well-maintained and priced correctly.
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.