Section 8 Fair Market Rent (FMR) for ZIP 37246 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 37246 in Tennessee presents a market in flux, with the Fair Market Rent (FMR) set at $1650 for the fiscal year 2024. The absence of current market rent data suggests a lack of recent activity or reporting, which could indicate either a stable market or one that is not extensively tracked.

The missing percentage for price-cut share and days on market (DOM) imply that there isn't enough information to determine if properties are being listed at above-market rates and then reduced, or if they are selling quickly without negotiation. This gap leaves room for speculation but not definitive analysis regarding whether supply outpaces demand or vice versa. In markets where such data is typically available, a low DOM often indicates strong demand, while a high price-cut share can suggest an excess of supply.

The median home value being listed as N/A further complicates the picture. A known median home value would provide insight into the overall wealth of the area and how it compares to rental costs, which is crucial for understanding the local real estate landscape. Without this figure, it's challenging to assess the balance between homeownership and renting.

The N/A% renter share is particularly telling. This metric, when available, indicates the proportion of households that rent rather than own their homes. A higher renter share can signify long-term housing pressure, where a significant portion of the population finds homeownership unaffordable or unsuitable. Conversely, a lower share might suggest a preference for homeownership, which could ease rental pressures. However, the lack of this data means we cannot draw conclusions about the long-term dynamics of housing pressure in ZIP 37246.

In summary, ZIP 37246 appears to be a market with limited current data, making it difficult to ascertain whether supply or demand is the driving force. The known FMR provides a benchmark for rental pricing, but without additional metrics, the trajectory of the market remains unclear. Landlords and small-portfolio investors should proceed with caution, relying on other regional indicators and trends to inform their decisions.

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.