Location: Rocky Mount, NC | Metro: Rocky Mount, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
The Fair Market Rent (FMR) for ZIP code 27815 in fiscal year 2024 is set at $960. This figure represents the payment standard for Section 8 vouchers, which is the amount that the government will pay towards your tenant's rent. It does not necessarily reflect the total rent you can charge, but it does indicate the maximum subsidy a voucher holder can receive.
Local median rents are currently listed as N/A, making direct comparisons challenging. However, the FMR provides a benchmark for what is considered a fair rent in the area. If the local median rent is below $960, you may find that Section 8 tenants can cover additional costs beyond the subsidy, depending on their income and any additional rent they must contribute.
In ZIP 27815, N/A% of residents are renters, indicating a significant portion of the population relies on rental housing. This suggests a stable demand for rentals, particularly those affordable under the Section 8 program. The acquisition cost for properties in this area is also noted as N/A, which would be an important consideration when evaluating potential investments. Knowing the typical property value can help you assess whether a Section 8 rental is financially viable.
Before proceeding with a Section 8 rental, ensure that your property meets all Housing Quality Standards (HQS). These standards are designed to ensure safe and habitable living conditions and include inspections for structural integrity, heating, plumbing, and electrical systems, among other criteria. Failure to meet these standards can result in penalties or loss of participation in the program.
To summarize, the $960 FMR for ZIP 27815 sets the baseline for government subsidies. With a strong N/A% renter share, there is a solid market for Section 8 rentals. Verify that your property complies with HQS to avoid complications and ensure compliance with the program requirements.
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.