Location: Franklin County, TN | Metro: Franklin County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
U.S. Census Bureau data (2024)
37383, the ZIP code in question, has a Fair Market Rent (FMR) of $1,460 for metro areas as of fiscal year 2026. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 program. Given the lack of specific data on market rent, median home value, renter share, median income, days on market (DOM), and price-cut share, we must rely heavily on the FMR to guide our analysis. The absence of these metrics suggests that either there is insufficient data available for this particular ZIP code or that the local real estate market does not significantly deviate from broader regional trends. In the context of Section 8, the FMR is a critical benchmark for ensuring affordability and compliance with HUD regulations. Landlords should note that charging above the FMR would disqualify their properties from the program, potentially limiting their tenant pool. The Section 8 program's strict adherence to the FMR also means that landlords must be prepared to justify any rental increases through evidence of higher costs, such as property taxes or utilities. Furthermore, the lack of information on DOM and price-cut share indicates that the ZIP code may not have a highly competitive market, which could be advantageous for landlords seeking stable tenancy. The verdict on Section 8 for ZIP 37383 is clear: it offers a predictable revenue stream for landlords willing to comply with the program's requirements, with the $1,460 FMR setting the upper limit for rents.
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.