Location: Cleveland, TN | Metro: Cleveland, TN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
ZIP code 37316, located within the Cleveland, TN MSA, has an important figure to consider: the Fair Market Rent (FMR) of $1,090 for fiscal year 2026. This metric is critical for landlords and small-portfolio investors engaged with Section 8 housing vouchers.
Unfortunately, the market rent and home value data for ZIP 37316 are not available. Similarly, the percentage of renters in this ZIP code is also unknown. However, the FMR can be used as a benchmark to gauge the overall rental market conditions within the Cleveland, TN MSA.
To determine whether ZIP 37316 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Cleveland, TN MSA, we must compare its FMR to the typical FMRs of other ZIP codes within the same MSA. The absence of specific market rent and home value data makes it challenging to draw definitive conclusions about the exact tier of this ZIP code. Nevertheless, the FMR of $1,090 suggests that it aligns with the broader average rental costs within the Cleveland, TN MSA.
In the context of Section 8 analysis, the FMR plays a pivotal role in defining what is considered affordable for voucher recipients. If the FMR of ZIP 37316 is notably lower than the typical FMRs of other ZIP codes within the Cleveland, TN MSA, it could indicate a value pocket where landlords might find more demand for their properties among Section 8 tenants. Conversely, if the FMR is on par with or higher than the typical FMRs, it would suggest either a mid-tier or premium sub-market, depending on the comparative data from other ZIP codes.
The lack of information on the renter share is significant because a high renter share combined with below-average home values often signifies a prime location for Section 8 investments. Since this data is missing, we cannot definitively state whether ZIP 37316 fits into this category. However, the known FMR provides a starting point for further investigation into the rental dynamics of this area.
To make a more precise determination, it is necessary to gather comparative FMR data from other ZIP codes within the Cleveland, TN MSA. This will clarify the position of ZIP 37316 relative to its peers and provide a clearer picture of its potential as a Section 8 investment opportunity.
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.