Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
The ZIP code 37232 presents a dynamic rental market that is currently influenced by the Federal Market Rent (FMR) figure of $1650 for fiscal year 2024. This FMR serves as a benchmark for Section 8 housing payments, indicating the maximum amount the government will reimburse landlords for renting units to eligible tenants. The lack of specific market rent data suggests that the local rental market might be less volatile or less documented compared to other areas, but the FMR provides a clear indication of the rental price floor in this region.
The absence of data on price-cut share and days on market (DOM) makes it challenging to determine whether supply outpaces demand or vice versa. However, the fact that the FMR is set at $1650 implies that there is a significant portion of the population relying on government assistance for housing, which typically indicates a market with some level of affordability concerns. In such markets, demand can often exceed supply, leading to tighter rental conditions.
The unspecified percentage of renters in ZIP 37232 also hints at a potentially high long-term housing pressure. High renter shares can be indicative of an area where homeownership is less prevalent, possibly due to financial constraints or other barriers to entry. This dynamic can contribute to sustained rental demand, as individuals and families continue to seek affordable housing options.
In summary, while specific metrics are lacking, the reliance on a $1650 FMR and the implied high renter share suggest that ZIP 37232 is experiencing a market where demand pressures are notable. Landlords and small-portfolio investors should consider these factors when setting rents and evaluating the potential for long-term occupancy stability.
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.