Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
U.S. Census Bureau data (2024)
Smyrna, Tennessee, located just southeast of Nashville, offers a compelling mix of small-town stability and metro accessibility, largely driven by the presence of major employers. As a key hub in Rutherford County, the area is defined by its robust automotive and logistics sectors; most notably, the massive Nissan North America manufacturing plant sits within the zip code, providing a significant economic base that supports local housing demand. The community character leans toward suburban family living, with a range of amenities that cater to the workforce employed at these large industrial sites.
Financially, the numbers present a complex picture for Section 8 strategies. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is listed at $1,640, while current market rents (Zillow ZORI) sit higher at $1,630, creating a tight alignment. However, investors should note the local HUD SAFMR is $1490, meaning voucher caps might lag behind actual market rates by $140. Entry costs are substantial, with a median home value of $405,182 and a median 2BR sale price of $293,534. With properties sitting on the market for a median of 99 days, the asset class is relatively stable, suggesting cash-flow relies heavily on maintaining the gap between the $1,640 FMR and operating costs.
The tenant pool is bolstered by solid demographics, as the area boasts a median household income of $84,351, well above the national average. With 38.0% of households renting, there is a consistent baseline of demand. Families are drawn to the area for its highly-rated public schools within the Rutherford County district, and the availability of jobs at the nearby plant or along the major interstate corridors ensures a steady stream of potential voucher holders who need proximity to work but cannot yet afford homeownership in this appreciating market.
The Section 8 verdict for Smyrna 37167 leans toward a long-term appreciation and stability play rather than aggressive immediate cash-flow. The high median income and major institutional employer like Nissan suggest a lower risk of rent default, while the 99-day days-on-market metric indicates a balanced, competitive environment. Investors should accept that the $140 gap between market rent and SAFMR requires careful management, but the underlying economic health makes this a defensive hold for a growing portfolio.
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.