Location: Washington County, AL | Metro: Washington County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 36585 in fiscal year 2024 is set at $1010. This figure represents the payment standard for Section 8 housing vouchers, which is the amount that the government will pay towards your tenant's rent. It is important to note that this is not the actual rent you can charge; it is the maximum amount the voucher will cover.
While there is no specific local market rent data available for ZIP 36585, the FMR provides a benchmark for understanding what the government considers a fair rent in the area. Landlords should aim to set their rent slightly below the FMR to ensure the tenant's portion of the rent is manageable, thus reducing the risk of late payments or evictions.
The 9.9% renter share indicates that nearly 10% of the population in ZIP 36585 relies on renting as their primary form of housing. This suggests a moderate demand for rental properties. However, given the limited data, landlords should research the local rental market to understand the competition and potential occupancy rates.
In terms of acquisition costs, without specific figures, landlords must be cautious about overpaying for properties. The lack of detailed local rental cost data means that the purchase price should be justified by other factors such as property condition, location, and potential for long-term investment.
Before proceeding with a Section 8 rental in ZIP 36585, verify that the property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. A property that does not meet HQS will not be approved for the Section 8 program, leading to wasted time and resources.
In summary, the $1010 FMR sets the limit for government assistance, while the 9.9% renter share highlights the presence of a steady but not overwhelming demand for rentals. Ensure the property meets HQS to avoid disqualification from the program.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.