Location: Norwich-New London-Willimantic, CT | Metro: Norwich-New London-Willimantic, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,400 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
The Fair Market Rent (FMR) for ZIP code 06349 in Connecticut for fiscal year 2024 is set at $1560. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount of rent that can be charged for a Section 8 rental unit in this area. It's important to note that this is not the rent you will receive; it's the upper limit HUD uses to calculate the subsidy.
The actual rent you charge should be reasonable and competitive with other market rates in the area, but cannot exceed this $1560 threshold. While the exact local market rent for ZIP 06349 is currently not available, it's crucial to understand that the FMR serves as a benchmark to ensure that rents are fair and affordable for tenants.
The percentage of renters in the area who might qualify for Section 8 assistance is also not specified here, but this percentage would indicate the potential demand for your property. If there is a high share of renters eligible for assistance, it could mean a steady stream of applicants. Conversely, a lower share might suggest a smaller pool of potential tenants.
Regarding the acquisition cost of properties in ZIP 06349, the data provided does not specify an average price. However, understanding the typical costs involved in purchasing or maintaining a rental property in this area is essential for calculating your overall expenses and profits. This includes mortgage payments, property taxes, insurance, and maintenance costs.
Before proceeding with your first Section 8 rental, you must verify that your property meets the Housing Quality Standards (HQS) required by HUD. These standards ensure that the rental unit is safe, decent, and sanitary for tenants. A thorough inspection and any necessary repairs must be completed to meet these criteria.
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.