Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
The analysis of ZIP code 37131 in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area reveals several key points that landlords and small-portfolio investors should consider.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area is set at $1560 for fiscal year 2024. However, due to the lack of specific market rent data, it's impossible to make a direct comparison. This means that while the FMR provides a guideline, actual profitability will depend on the local rental market conditions which are currently unspecified.
Regarding the affordability of acquisition, without concrete figures for the median home value, days on the market (DOM), and the percentage of homes requiring price cuts, a definitive assessment cannot be made. These metrics would typically indicate how competitive the housing market is and the potential for negotiating lower purchase prices. Given the absence of these details, investors must rely on other indicators such as recent sales trends and economic forecasts to gauge acquisition costs.
The third question concerns tenant demand. With no specific population count or percentage of renters available, it's challenging to quantify the number of potential tenants. A high renter share percentage usually suggests strong demand for rental properties, but without these numbers, assessing demand remains speculative.
In conclusion, ZIP 37131 presents an opportunity for Section 8 real estate investment with a defined FMR of $1560 for fiscal year 2024. However, the lack of detailed market data—specifically median home values, days on the market, percentage of price cuts, and population demographics—limits the ability to fully evaluate the viability of acquisitions and tenant demand. Investors should seek additional local market intelligence before making decisions.
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.