Section 8 Fair Market Rent (FMR) for ZIP 37224 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 37224 in Tennessee for fiscal year 2024 is set at $1650. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a housing assistance program for low-income families. It's important to note that the $1650 is not the rent you'll receive; it's the ceiling on what the tenant can be charged. The actual rent paid by the tenant will be based on their income, and the rest will be subsidized by the government.

Local market rents are currently listed as N/A, making direct comparisons difficult. However, the FMR serves as a benchmark for what is considered reasonable rent in the area. If your property is priced above $1650, it won't qualify for Section 8 tenants, but if it's below, you can still participate in the program while ensuring your investment remains competitive.

The percentage of renters in ZIP 37224 who could potentially benefit from Section 8 is also listed as N/A, indicating uncertainty about the exact demand for subsidized housing. Nonetheless, given the nature of the program, there is likely a steady demand for affordable housing options, suggesting that Section 8 can be a reliable source of tenants.

Acquisition costs for properties in this area are listed as N/A, which means you should research the typical costs for acquiring a rental property in ZIP 37224. This will help you understand the potential return on investment and whether the Section 8 program aligns with your financial goals.

Before proceeding with a Section 8 rental, verify that your property meets all the necessary inspection requirements. This includes passing a Housing Quality Standards (HQS) inspection, which ensures your property is safe and habitable. Failure to meet these standards can delay or prevent you from participating in the program.

In summary, the $1650 FMR for ZIP 37224 sets a clear limit on what you can charge for rent under the Section 8 program. While local market data is currently unavailable, the program offers a predictable stream of tenants and payments. Ensure your property passes the HQS inspection to avoid any issues.

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.