Location: Franklin County, TN | Metro: Franklin County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The ZIP code 37376 presents an interesting scenario for both renters and landlords alike. With a significant portion of the population renting—60.1% of the 361 residents—the area has a notable demand for rental properties. However, the lack of specific data on median income and market rate rents makes it challenging to provide a precise analysis of affordability. Despite these gaps, we can still draw meaningful conclusions based on the available information.
The voucher payment standard for Fair Market Rent (FMR) in the metro area for fiscal year 2026 is set at $1,100. This figure represents the maximum amount that the federal government will pay landlords who accept Section 8 vouchers. It's crucial for landlords to understand how this compares to the overall rental market in ZIP 37376. Given the high percentage of renters, there is likely a substantial need for affordable housing options, which could make properties that accept Section 8 vouchers particularly attractive to potential tenants.
The affordability gap in ZIP 37376 means that landlords face a competitive landscape where the availability of Section 8 vouchers could be a deciding factor for many households. In such a scenario, landlords who are willing to accept vouchers might have a better chance of securing long-term tenants, especially if market rates exceed the FMR of $1,100. This is because the voucher system helps to subsidize rent payments for low-income families, making housing more accessible.
For landlords considering their strategy between accepting vouchers versus relying solely on cash-paying tenants, the takeaway is clear. While cash-paying tenants might offer higher immediate revenue, the competition for affordable units is intense due to the high percentage of renters and the limited financial data suggesting a possible affordability challenge. Accepting Section 8 vouchers could stabilize occupancy rates and provide a steady stream of income, albeit at a fixed rate. This strategy might be more appealing in an environment where the median income is unknown but the need for affordable housing is evident.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.