Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $322,138 | 0.5% | F |
| 3BR | $2,080 | $461,233 | 0.45% | F |
| 4BR | $2,520 | $697,193 | 0.36% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37062 in Fairview, TN, for fiscal year 2024 is set at $1,650. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; rather, it's the ceiling for the rent portion covered by the Housing Choice Voucher program.
In comparison, the local Zillow Observed Rent Index (ZORI) for the same area stands at $2,411. This indicates that market rents are higher than the Section 8 payment standard, which could mean lower profits for landlords who participate in the program. However, the 21.3% share of renters in the area suggests a steady demand for rental properties, making Section 8 participation a reliable option for securing tenants.
The median home value in the area is approximately $564,566, which reflects the overall property values. For a landlord considering a Section 8 rental, this figure helps gauge the potential acquisition cost of a property. While the FMR is lower than market rates, the consistent income from the program can be a stable source for covering mortgage payments and maintenance costs.
Before proceeding with a Section 8 rental, it's crucial to verify that your property meets the housing quality standards (HQS) required by the program. These standards ensure that the property is safe, decent, and sanitary for tenants. Compliance with HQS is mandatory and failing to meet these requirements can result in penalties or loss of tenancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.