Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
The Fair Market Rent (FMR) for ZIP code 37121 in fiscal year 2024 is set at $1550. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8. It is important to note that this is not the amount you will charge your tenants as rent; rather, it is the maximum amount the government will pay towards the rent on behalf of eligible tenants.
While specific local rent data is not available, the FMR can be used as a benchmark to understand the rental market in ZIP 37121. The percentage of renters in the area, which is also not specified, would give insight into the demand for rental properties. A higher percentage of renters generally indicates a greater demand for affordable housing options, which could benefit landlords looking to participate in the Section 8 program.
The acquisition cost, or the price you might expect to pay for a property in this area, is also not provided. However, understanding the local real estate market and comparing it against the FMR can help you determine if the investment aligns with your financial goals. For instance, if the typical acquisition cost is lower relative to the FMR, the potential for a positive cash flow increases.
Before proceeding with your first Section 8 rental in ZIP 37121, ensure that your property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). These standards are designed to ensure that voucher holders live in safe and decent housing. Failure to meet these standards can result in your property being ineligible for the program, regardless of the FMR.
To summarize, the FMR of $1550 in ZIP 37121 for fiscal year 2024 is a critical number for landlords interested in the Section 8 program. It sets the limit for government payments but does not dictate your rent. Ensure your property meets HQS to avoid complications and maximize your chances of success in this market.
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.