Section 8 Fair Market Rent (FMR) for ZIP 12144 - 2027

Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA

Investment Score for ZIP 12144

Monthly Rent (2BR)

$1,970

Median Price (2BR)

$271,209

1% Rule

0.73%

Annual Yield

8.72%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,420
1 Bedroom	$1,640
2 Bedrooms	$1,970
3 Bedrooms	$2,350
4 Bedrooms	$2,590
5 Bedrooms	$3,004
6 Bedrooms	$3,364
7 Bedrooms	$3,633
8 Bedrooms	$3,815

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,970	$271,209	0.73%	D
3BR	$2,350	$330,614	0.71%	D
4BR	$2,590	$413,977	0.63%	D
5BR	$3,004	$407,856	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,111

Median Household Income

$90,738

Housing Units

10,563

Renter Percentage

41.0%

Occupancy Rate

91.1%

Renter Occupied

3,943

To determine if you should buy in ZIP code 12144 (Rensselaer, NY) for Section 8 investments, follow this decision tree:

1) Does the Fair Market Rent (FMR) of $1,410 cover the debt service on a property valued at $308,729?

No. The FMR of $1,410 does not clear the debt service on a property priced at $308,729. Debt service typically includes mortgage payments, taxes, insurance, and maintenance costs. Given the typical interest rates and terms, the monthly debt service would likely exceed $1,410, making it unprofitable to rely solely on Section 8 tenants for income coverage.

2) Is the market rent ($1,989 ZORI) above, at, or below the FMR?

Above. The market rent, measured by the Zillow Rent Index (ZORI), is $1,989, which is significantly higher than the FMR of $1,410. This indicates that the rental market in Rensselaer, NY, is robust and offers opportunities beyond Section 8 tenants.

3) Are 41.0% renters combined with an unspecified number of days in Days on Market (DOM) sufficient to ensure demand?

It depends. With 41.0% of the population renting, there is a notable demand for rental properties. However, the lack of data on DOM makes it challenging to assess how quickly units might be filled once they become available. A lower DOM suggests a faster turnover, which could be beneficial for landlords. Without DOM data, landlords must consider other factors such as local employment rates, school quality, and overall economic health to gauge the speed of filling vacancies.

In summary, while the rental market in ZIP 12144 appears strong based on the ZORI figure, the FMR is insufficient to cover debt service on a $308,729 property. Landlords should not rely solely on Section 8 tenants for financial viability. Instead, they should look to the broader rental market where rents can be set at the ZORI level of $1,989 per month. The 41.0% renter rate provides a solid foundation for demand, but additional research into DOM and local economic conditions will help determine the feasibility of investing in this area.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.