Section 8 Fair Market Rent (FMR) for ZIP 37304 - 2027

Location: Chattanooga, TN | Metro: Chattanooga, TN-GA MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,270
1 Bedroom	$1,320
2 Bedrooms	$1,440
3 Bedrooms	$1,780
4 Bedrooms	$1,890
5 Bedrooms	$2,192
6 Bedrooms	$2,455
7 Bedrooms	$2,651
8 Bedrooms	$2,784

The ZIP code 37304, located in Tennessee, is a region characterized by its blend of residential areas and accessibility to urban amenities. This makes it an attractive location for both residents and investors alike. However, the lack of comprehensive market data presents challenges in fully assessing its potential. Below is a concise analysis based on the available figures.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 37304 for fiscal year 2024 is set at $1300.
Market rent data is currently unavailable for this ZIP code, which hinders precise comparisons against the FMR.
No median home value data is available for ZIP 37304, making it difficult to gauge the overall property value trends.
The percentage of renters in the area is also unspecified, leaving the exact composition of the housing market unknown.
Average days on the market (DOM) for rental properties is not provided, indicating a gap in understanding how quickly units are typically filled.
The median income figure for ZIP 37304 is not available, which is critical for assessing the affordability of rents and the financial stability of tenants.

In summary, while the Fair Market Rent provides a benchmark for rental pricing, the absence of key metrics such as market rent, median home values, tenant demographics, and days on the market leaves significant uncertainty. Investors should focus on leveraging the $1300 FMR for two-bedroom units but must conduct thorough due diligence to fill in the missing pieces of the market puzzle. The lack of detailed local data suggests that investors should consider broader regional trends and consult with local real estate professionals to make informed 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.