Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
A ZIP 43317 investment under the Section 8 program faces several potential issues that could impact profitability. First, tenant turnover poses a significant challenge. The market rent for properties in this area stands at $1,083, while the Fair Market Rent (FMR) for FY 2024 is set at $1,140. This difference can lead to frequent turnover as tenants might struggle to afford the higher market rents when their vouchers only cover up to the FMR. Additionally, vacancy exposure is another concern. The days on market (DOM) for vacant properties is currently unavailable, which makes it difficult to predict how long a property might remain unoccupied, thus reducing rental income.
The deferred-maintenance exposure is also noteworthy. Although the typical home value data is not available, the median income in ZIP 43317 is $56,875. This figure suggests that residents have limited financial flexibility to cover unexpected maintenance costs, which could result in higher repair expenses for landlords. However, these risks must be weighed against the high renter share in the area, which is 25.4%. A large proportion of renters typically indicates strong demand for housing assistance programs such as Section 8, leading to a steady stream of potential tenants.
In summary, despite the challenges posed by tenant turnover, vacancy exposure, and deferred-maintenance costs, the high renter density in ZIP 43317 supports a robust demand for subsidized housing. This mitigates some of the inherent risks associated with Section 8 investments. Given these factors, the overall risk for a first-time Section 8 landlord in ZIP 43317 is moderate.
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.