Location: New Haven, CT | Metro: New Haven, CT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
The Fair Market Rent (FMR) for ZIP code 06535 in Connecticut for fiscal year 2024 is set at $1620. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it is the payment standard used by the Housing Choice Voucher program to determine the maximum allowable rent for subsidized units.
In ZIP 06535, the local market rent is currently listed as N/A, which makes direct comparison challenging. However, the FMR serves as a benchmark for affordability in the area. The percentage of renters in the area who qualify for Section 8 assistance is also listed as N/A%, indicating the potential demand for your rental property. Even without specific numbers, understanding the FMR helps you gauge the financial landscape for affordable housing.
The acquisition cost for properties in this ZIP code is also noted as N/A. This typically refers to the average price of homes in the area, but with this information missing, it's crucial to research local real estate values independently to ensure you're making a sound investment.
Before proceeding with your first Section 8 rental in ZIP 06535, verify that your property meets all the necessary requirements for the program. This includes ensuring that your home passes a Housing Quality Standards (HQS) inspection, which checks for safety and habitability. Failure to meet these standards could result in rejection or delays in securing a tenant through the Section 8 program.
Investing in a Section 8 rental property can be a stable choice, given the government-backed support for rent payments. However, it requires adherence to specific guidelines and inspections to maintain eligibility. With an FMR of $1620, you have a clear guideline for setting your rent, though the actual amount received may vary based on the tenant's income and contribution towards rent.
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.