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 33261 in Florida for fiscal year 2024 is set at $2320. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, also known as the Housing Choice Voucher Program. It's important to note that this is not the amount you will charge tenants as rent; it's the maximum amount HUD will pay on behalf of eligible tenants.
While specific local rent averages for ZIP 33261 are currently unavailable, the FMR can serve as a useful benchmark. Landlords who participate in Section 8 must ensure that their rental rates do not exceed this limit. The percentage of renters in the area who could benefit from Section 8 assistance is also not available, but typically, areas with higher percentages of renters are more likely to have a greater demand for affordable housing options.
The acquisition cost for properties in ZIP 33261 is similarly unspecified, which makes it challenging to provide an exact comparison to the FMR. However, landlords should be aware that participating in Section 8 can affect the overall profitability of their investment due to the cap on rental payments. It's essential to factor in maintenance costs, vacancy rates, and other expenses when determining if a property is a viable Section 8 rental.
Before committing to a Section 8 rental, there is one critical step for potential landlords to verify: ensure that your property meets all the necessary quality standards set by HUD. These requirements, often referred to as the Housing Quality Standards (HQS), cover a range of conditions that must be met for safety, health, and habitability. Failure to meet these standards can result in disqualification from the program, regardless of the FMR or any other considerations.
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.