Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
The Fair Market Rent (FMR) for ZIP code 33247 in Florida for fiscal year 2024 is set at $2320. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to provide housing assistance to low-income families. It's important to note that this is the payment standard, meaning it's the limit for what the government will pay on behalf of tenants; your actual rent could be lower depending on the tenant's income.
In ZIP 33247, the median market rent is currently listed as N/A, making it difficult to compare directly with the Section 8 FMR. However, the percentage of renters in the area is N/A%, indicating a significant portion of the population relies on rental housing. This suggests a stable demand for rentals, including those under Section 8, though the exact level of interest would require further investigation into local rental trends.
The typical acquisition cost for properties in this area is also noted as N/A. This information helps you understand the investment required to purchase a property suitable for a Section 8 rental. Given the lack of precise data on median rents and acquisition costs, it's crucial to conduct a thorough analysis of the local real estate market to ensure that the Section 8 rent covers your expenses and provides a reasonable return on investment.
Before proceeding with a Section 8 rental in ZIP 33247, you must verify that your property meets the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards ensure that the rental unit is safe, decent, and sanitary for tenants. A property inspection will confirm compliance and is a mandatory step before signing any lease agreement under the Section 8 program.
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.