Location: Tallapoosa County, AL | Metro: Auburn-Opelika, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 36849 in fiscal year 2024 is set at $1140. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federally funded assistance program for low-income renters. It's important to note that this is not the rent you will receive; it's the payment standard used by the Housing Authority to determine the subsidy amount.
The FMR serves as an upper limit on rent charges for eligible tenants participating in the Section 8 program. If your property's market value exceeds this limit, you may need to adjust your rent to comply with the program requirements. Conversely, if your property's value is below this threshold, you can still benefit from having a reliable tenant who is supported by government funding.
Despite the lack of specific local rent figures and the percentage of renters relying on Section 8 assistance in ZIP 36849, the general principle remains: the FMR provides a benchmark for the local rental market. Landlords should compare their property's market value against this benchmark to ensure they are not overcharging or undercharging for their rental units.
To make an informed decision about accepting a Section 8 tenant, it's crucial to verify that your property meets all the necessary inspection criteria. The Housing Authority will conduct an inspection to ensure your rental unit is up to par with their standards. Failure to meet these standards could result in the rejection of your application to participate in the program.
In conclusion, while the specific local rental dynamics and the exact percentage of Section 8 participants in ZIP 36849 are not available, the $1140 FMR offers a clear guideline for the maximum allowable rent. Before proceeding, ensure your property passes the required inspection to avoid any complications. This way, you can provide a suitable home for those in need while maintaining a stable income stream.
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.