Location: Washington County, ME | Metro: Washington County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 04491 in Rhode Island presents several challenges for landlords considering Section 8 investments. One significant issue is tenant turnover. While the Fair Market Rent (FMR) for the metro area is set at $1,250 for FY 2026, the lack of data on market rent suggests potential volatility in rental prices that could affect tenant stability. High turnover can lead to increased costs associated with frequent move-ins and move-outs, including cleaning, repairs, and administrative tasks.
Vacancy exposure is another concern. With no available data on days on market (DOM), it's difficult to predict how quickly a property might be filled, especially when relying on Section 8 vouchers. This uncertainty can result in extended periods without rental income, which can significantly impact cash flow and financial planning for landlords.
Deferred maintenance is also a risk factor. The absence of data on typical home values and median incomes indicates that properties in this area may not receive the necessary upkeep due to limited resources. This can lead to higher repair costs over time and potentially affect the quality of the living environment, which is crucial for maintaining good tenant relationships and compliance with housing standards.
However, these risks must be weighed against the fact that 04491 has a relatively high renter share of 6.8%. A higher concentration of renters often translates into greater demand for affordable housing options, such as those supported by Section 8 vouchers. This demand can provide a stable source of tenants, reducing the likelihood of prolonged vacancies and ensuring a steady stream of rental income.
In conclusion, the ZIP code 04491 in Rhode Island poses a moderate risk for a first-time Section 8 landlord, primarily due to unknowns around market rent and deferred maintenance, but with a mitigating factor of high renter density.
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.