Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
The investment landscape for Section 8 properties in ZIP code 32236, located in an unspecified area of Florida, presents several challenges that could impact a landlord's decision to enter this market. One significant concern is tenant turnover, which can be influenced by the difference between the market rent and the Fair Market Rent (FMR) set at $1580 for FY 2024. Without specific market rent data, it's difficult to assess the exact risk level, but typically higher FMRs can lead to lower turnover rates if they align well with market expectations.
Vacancy exposure is another critical factor. The lack of data on days on market (DOM) suggests there might be variability in how quickly units are filled, potentially leading to periods where properties remain vacant. This uncertainty increases the financial risk associated with rental income volatility.
Deferred maintenance exposure is also a notable risk. With no typical home value or median income data available, landlords must be prepared for potential discrepancies between property values and the ability of tenants to maintain them. Lower median incomes relative to home values can exacerbate maintenance issues, as tenants may struggle to cover additional costs or damages beyond their rent payments.
Despite these risks, the high concentration of renters in the area, indicated by the N/A% renter share, generally points towards a robust demand for housing supported by Section 8 vouchers. High renter density often translates into a greater number of voucher holders seeking suitable accommodation, thereby increasing the likelihood of finding qualified tenants who can meet the terms of a Section 8 lease.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.