Location: Brunswick-St. Simons, GA | Metro: Brunswick-St. Simons, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
The Fair Market Rent (FMR) for ZIP code 31327 in fiscal year 2024 is set at $1340. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is the payment standard, meaning it's the cap on what the government will pay towards a tenant's rent, not necessarily the amount you'll receive.
While the local median rent is listed as N/A, we can still assess the market based on other factors. The percentage of renters in the area is N/A%, which indicates a significant demand for rental properties. However, without specific data on local rents, it's challenging to compare the FMR directly to what non-Section 8 tenants might be paying.
Regarding acquisition costs, the average property price in ZIP 31327 is also noted as N/A. This means that determining the exact cost of acquiring a property for your Section 8 rental portfolio would require additional research into recent property sales and listings in the area.
One key factor to verify before proceeding with a Section 8 rental is the condition of the property. The Housing Quality Standards (HQS) inspection is mandatory for all Section 8 properties. Ensure that your property meets these standards, which cover safety, health, and structural conditions. This verification step is crucial because failing an HQS inspection can delay the process and potentially lose you a tenant.
In summary, while the FMR of $1340 sets the limit for rent under the Section 8 program, understanding the local rental market and property values requires further investigation. The most critical step before committing to a Section 8 rental is confirming that your property passes the necessary inspection criteria.
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.