Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
The Fair Market Rent (FMR) for ZIP code 12237 in fiscal year 2024 is set at $1390. This figure represents the payment standard used by the Housing Choice Voucher program, commonly known as Section 8. It does not directly indicate the amount of rent a landlord can charge, but rather the maximum subsidy the government will pay on behalf of eligible tenants.
In ZIP 12237, the local median rent is currently listed as N/A, which makes direct comparison difficult. However, the FMR provides a benchmark for what the government deems a reasonable rent level for the area, ensuring that voucher holders can find suitable housing without paying an excessive portion of their income towards rent.
The percentage of renters in the area who could potentially benefit from Section 8 is also noted as N/A%. This suggests a significant demand for affordable housing, though the exact scale is unclear. Landlords should be aware that the availability of vouchers can attract a steady stream of tenants looking for housing within their budget.
The acquisition cost for properties in this ZIP code is reported as N/A. This value would typically help landlords understand the average price they might expect to pay for a property, but in the absence of this data, it's advisable to consult local real estate agents or assess recent property sales to get a clearer picture.
Before committing to a Section 8 rental property in ZIP 12237, landlords must verify that the property meets all inspection requirements set by the local housing authority. These inspections ensure that the home is safe and habitable, and failure to meet these standards can result in disqualification from the program.
To summarize, the $1390 FMR for ZIP 12237 indicates the maximum subsidy amount available through the Section 8 program, reflecting a demand for affordable housing and setting a standard for rental rates in the area. Despite the lack of specific local rent and acquisition cost data, understanding and complying with the inspection criteria is crucial for participation in the program.
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.