Section 8 Fair Market Rent (FMR) for ZIP 12211 - 2027

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

Investment Score for ZIP 12211

Monthly Rent (2BR)

$2,320

Median Price (2BR)

$339,712

1% Rule

0.68%

Annual Yield

8.2%

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	$1,680
1 Bedroom	$1,930
2 Bedrooms	$2,320
3 Bedrooms	$2,760
4 Bedrooms	$3,050
5 Bedrooms	$3,538
6 Bedrooms	$3,963
7 Bedrooms	$4,280
8 Bedrooms	$4,494

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	$2,320	$339,712	0.68%	D
3BR	$2,760	$426,563	0.65%	D
4BR	$3,050	$566,975	0.54%	F
5BR	$3,538	$852,102	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,383

Median Household Income

$156,605

Housing Units

4,511

Renter Percentage

8.4%

Occupancy Rate

95.9%

Renter Occupied

362

To determine if a landlord should invest in ZIP 12211 (Albany, NY) for Section 8 properties, follow this decision tree:

Step 1: Debt Service Coverage Ratio (DSCR)

Does the Fair Market Rent (FMR) of $1820 cover the debt service on a property valued at $472,214?

No: The FMR does not sufficiently cover the debt service. A property priced at $472,214 would require higher rental income to meet financial obligations.
Yes: Proceed to Step 2.

Step 2: Market Rent Comparison

Is the market rent of $2,957 above, at, or below the FMR?

Above: The market rent is significantly higher than the FMR. This indicates that landlords can potentially earn more from market rents than from Section 8 subsidies. However, they must weigh the benefits of market rents against the stability and security provided by Section 8 tenancy.
At: Market rent equals the FMR, making it a neutral scenario. Landlords will receive the same amount from both sources, so the decision hinges on other factors such as tenant stability and property management costs.
Below: Market rent is lower than the FMR. In this case, landlords might find Section 8 subsidies more attractive since they ensure a stable income stream that exceeds what could be obtained from the market.

Step 3: Demand Analysis

Are 8.4% of residents renters, and is the days on market (DOM) for rental listings sufficient?

It Depends: With 8.4% of residents being renters, there is a limited but present demand for rentals. The lack of data on DOM means that landlords cannot accurately assess how quickly rental units are filled. This uncertainty requires further investigation into local rental vacancy rates and trends.

In conclusion, the decision to invest in ZIP 12211 for Section 8 properties depends on whether the FMR covers debt service, the comparison between market rent and FMR, and the sufficiency of rental demand. Landlords must carefully consider these factors and possibly conduct additional research to make an informed investment decision.

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.