Section 8 Fair Market Rent (FMR) for ZIP 37212 - 2027

Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area

Investment Score for ZIP 37212

Monthly Rent (2BR)

$1,890

Median Price (2BR)

$484,859

1% Rule

0.39%

Annual Yield

4.68%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,670
1 Bedroom	$1,730
2 Bedrooms	$1,890
3 Bedrooms	$2,430
4 Bedrooms	$2,940
5 Bedrooms	$3,410
6 Bedrooms	$3,819
7 Bedrooms	$4,125
8 Bedrooms	$4,331

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,730	$267,612	0.65%	D
2BR	$1,890	$484,859	0.39%	F
3BR	$2,430	$868,296	0.28%	F
4BR	$2,940	$1,176,249	0.25%	F
5BR	$3,410	$1,771,230	0.19%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

20,592

Median Household Income

$95,145

Housing Units

8,288

Renter Percentage

59.0%

Occupancy Rate

82.3%

Renter Occupied

4,022

The ZIP code 37212 is situated in Nashville, TN, a vibrant city known for its music scene, diverse economy, and growing population. This area benefits from being close to major employment hubs and cultural attractions, making it highly desirable for both residents and investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 37212 for fiscal year 2024 is set at $1,770, providing a benchmark for rental pricing that reflects the local housing market's affordability.
The Zillow Observed Rent Index (ZORI) indicates that the average market rent for properties in this area is currently $2,000, suggesting a slightly higher demand-driven price point compared to the FMR.
The median home value in ZIP 37212 stands at $763,466, indicating a robust residential real estate market where property investments can potentially yield high returns.
Renters make up 59.0% of the population in this ZIP code, highlighting a significant portion of the market that prefers leasing over homeownership, which is beneficial for landlords and small-portfolio investors.
The median income in the area is $95,145, providing evidence of a stable economic base that supports higher rental rates and property values.
While the exact number of days on market (DOM) for rentals is not available, the combination of a strong median income and a high renter share suggests that properties in ZIP 37212 will likely attract tenants quickly, reducing vacancy periods.

Investors considering properties in ZIP 37212 should take note of the favorable conditions for rental properties, given the strong median income and high renter share. The disparity between the ZORI and FMR also points to potential for above-average rental income, while the median home value indicates a solid foundation for long-term appreciation. Despite the lack of specific DOM data, the overall market dynamics suggest that well-priced rental units will have a short time to lease, minimizing financial risks associated with vacancies.

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.