Location: Atlanta-Sandy Springs-Roswell, GA | Metro: Atlanta-Sandy Springs-Roswell, GA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
The Section 8 program in ZIP code 30119, located in an area we'll refer to as Unknown, GA, presents a unique scenario for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1390. However, the market rent data is currently unavailable, which means that the exact gap between FMR and market rent cannot be quantified in dollars or as a percentage.
Despite the lack of precise market rent figures, it's important to understand the implications of the FMR being higher than the typical market rent. When the FMR exceeds the local market rent, it makes the zip code a favorable environment for landlords who accept voucher tenants. This is because the government will cover the difference between what the tenant pays and the FMR, effectively subsidizing the landlord's income. In such a case, the zip code becomes a yield play, where landlords can potentially earn above-average returns by renting to voucher holders.
However, if the FMR were to be lower than the market rent, accepting Section 8 tenants would mean renting properties below the open-market rate. This could result in lower rental income compared to what landlords might receive from non-voucher tenants. The decision to participate in the Section 8 program under these circumstances would need to be weighed against the stability of rental payments and the potential for long-term occupancy.
In the broader context of Unknown, GA, the data on the percentage of renters, median home value, and median income is also unavailable. These factors typically influence the attractiveness of the area for both landlords and tenants. High percentages of renters and low median incomes can make Section 8 vouchers particularly attractive to residents, increasing demand for subsidized housing. Conversely, a high median home value suggests a wealthier neighborhood, which might have less appeal to voucher recipients but could offer landlords better opportunities for other types of rentals.
To make informed decisions, landlords and investors should consider conducting a thorough analysis of the local rental market, including trends in vacancy rates, property values, and tenant demographics. Engaging with local real estate professionals or agencies can provide insights into how the FMR compares to actual market rents and help predict future changes in the rental landscape.
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.