Section 8 Fair Market Rent (FMR) for ZIP 37414 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 37414, located in Tennessee, encompasses a mix of residential areas that cater to various demographics including families, young professionals, and retirees. The area benefits from a stable economic environment, which supports consistent rental demand. However, due to limited availability of specific market data, the following analysis will focus on the available information to provide insights for landlords and small-portfolio investors.

• The Fair Market Rent (FMR) for ZIP 37414 is set at $1300 per month for the fiscal year 2024, indicating the average rental price for a two-bedroom apartment in the area.
• The median home value data is currently unavailable, suggesting that there might be limited recent sales activity or that the area predominantly consists of rentals rather than owner-occupied homes.
• The percentage of renters in the area is also not specified, but given the presence of Section 8 housing, it's reasonable to infer a significant portion of residents rely on rental assistance programs.
• The Days on Market (DOM) figure is not provided, which could mean that the local real estate market moves quickly, or there isn't enough transaction data to determine this metric accurately.
• The median income for the area is not specified, making it challenging to assess the financial health of potential tenants without further research into local employment trends and economic indicators.

For landlords and small-portfolio investors looking to enter the ZIP 37414 market, the key takeaway is that while the fair market rent provides a benchmark for pricing, the lack of detailed market data suggests a need for thorough local investigation. The reliance on Section 8 housing indicates a steady demand from low-income households, which can be beneficial for maintaining occupancy rates. However, investors should consider the implications of tenant income levels and the potential for longer-term leases with government subsidies. Additionally, the absence of median home values and income data underscores the importance of understanding the local economy and property management practices specific to subsidized housing.

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.