Section 8 Fair Market Rent (FMR) for ZIP 33238 - 2027

FY 2027 Fair Market Rent Rates

The investment risk assessment for ZIP 33238 in Unknown, FL, reveals several potential issues that could affect Section 8 landlords. Firstly, tenant turnover is a significant concern due to the lack of market rent data and the Federal Market Rent (FMR) set at $2320 for FY 2024. Without knowing the market rent, it's challenging to gauge how attractive the rental price is to tenants, which can lead to higher turnover rates.

Secondly, vacancy exposure is another risk factor. The absence of data on Days on Market (DOM) makes it difficult to predict how long a property might remain vacant between tenants. This uncertainty can result in lost rental income and increased costs associated with maintaining an unoccupied property.

Thirdly, there is a risk of deferred maintenance, especially without specific figures on the typical home value and median income in the area. Landlords must be prepared to invest in regular upkeep to ensure their properties meet the Housing Quality Standards (HQS) required by Section 8 programs. The inability to assess these factors accurately can lead to unexpected expenses and potential compliance issues.

However, these risks must be weighed against the high density of renters in the area, indicated by the N/A% renter share. High renter density typically translates into greater demand for housing vouchers, which can stabilize occupancy and provide a steady stream of income for landlords willing to participate in the Section 8 program. Despite the lack of precise data, the concentration of renters suggests a robust market for subsidized housing.

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.