Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
1300 The Fair Market Rent (FMR) for ZIP code 38113 in fiscal year 2024 is set at $1300. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent. Given the N/A data on market rent, it's critical to rely on the FMR as a benchmark for rental pricing in this area. The absence of specific median home value data suggests a need for further research into local property values.
N/A With no available data on the median income for ZIP 38113, it's important to consider the broader economic context when assessing potential rental demand. However, the N/A figure for the percentage of renters indicates that a significant portion of the population may be looking for affordable housing solutions. Landlords should keep this in mind when setting their rental properties' criteria.
N/A The N/A data for days on market (DOM) and the N/A% of listings that have had their prices cut indicate stable market conditions where rental properties are likely to attract tenants quickly without the need for price adjustments. This stability is beneficial for small-portfolio investors who seek predictable cash flows.
Based on the provided data, landlords and small-portfolio investors in ZIP code 38113 can expect to receive a guaranteed rent of up to $1300 per month through the Section 8 program. While specific economic indicators such as median income and home values are not available, the FMR serves as a reliable guideline for pricing. The lack of price-cutting among listings suggests strong demand, which supports the idea that well-managed properties will find tenants promptly. Therefore, participation in the Section 8 program can provide a steady and secure rental income stream for investors in this region.
Verdict: ZIP 38113 presents a stable environment for Section 8 investments, with a clear FMR benchmark of $1300 guiding rental pricing strategies.
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.