Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 37149 within the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area reveals several key points for potential real-estate investments.
The Federal Market Rent (FMR) for ZIP 37149 in fiscal year 2024 is set at $1270. However, without specific data on market rents, it's challenging to definitively conclude if the rent math works. Landlords should aim to align their rental rates closely with the FMR to ensure eligibility for Section 8 vouchers while also considering the broader local rental market trends.
The median home value in ZIP 37149 stands at $444,819. This figure suggests that property acquisition is relatively affordable compared to other areas within the metropolitan region, especially given the lack of data on days on market (DOM) and the percentage of homes that required price cuts. Lower DOM and a smaller share of price-cut homes would typically indicate a robust housing market where properties sell quickly and at or near asking price.
The tenant demand in ZIP 37149 is moderate. With a total population of 2,602, only 8.6% of residents are renters. This implies that while there is a need for rental properties, the pool of potential tenants is limited. Landlords must be strategic in targeting their properties to attract eligible Section 8 voucher holders.
Verdict: For landlords and small-portfolio investors looking to enter ZIP 37149, the affordability of property acquisition is a positive factor. However, the limited tenant demand and the uncertainty around market rents present challenges. To succeed, landlords must focus on properties that can command the FMR of $1270 and cater specifically to the needs of Section 8 voucher holders. The investment should be approached with caution, emphasizing the importance of thorough due diligence on local rental market conditions.
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.