Location: Rochester, NY | Metro: Rochester, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 14537 in fiscal year 2024 is set at $1070. 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 the actual rent you will receive; it's the benchmark used by the Housing Choice Voucher Program to determine the allowable rent.
In ZIP 14537, the median rent for a two-bedroom apartment is currently listed as N/A, which suggests there might be limited data available on typical market rents. However, the FMR of $1070 gives a clear indication of the maximum rent that can be charged for a unit participating in Section 8. This helps in setting expectations for income from such a property.
The demand for affordable housing in this area is indicated by the renter share, which is 0.0%. While this percentage seems unusually low and might suggest a lack of data, it implies that very few individuals in the area are currently renting through the Section 8 program. This could mean that there is potential for growth if you decide to enter the market with a Section 8 rental property.
The median home value in ZIP 14537 is $190,750. This figure provides insight into the acquisition cost of a property in this area. If you're looking to purchase a home for Section 8 tenants, you should expect to pay around this amount, depending on the condition and size of the property.
Before making your decision to participate in the Section 8 program with a rental property in ZIP 14537, ensure that the property meets all the necessary requirements for eligibility. The Housing Authority will inspect the property to make sure it adheres to the standards of health, safety, and sanitation. Failure to meet these criteria can result in disqualification, so it's crucial to verify compliance beforehand.
To summarize, the FMR of $1070 sets the maximum allowable rent for a Section 8 property in ZIP 14537. Given the limited data on local rents and the low renter share, there is potential for entering an underserved market. With a median home value of $190,750, you have a clear idea of the acquisition cost. However, ensure that your property meets all the required standards to avoid any issues once you've committed to the program.
Data Sources: FMR data from HUD (2027). 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.