Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
The Fair Market Rent (FMR) for ZIP code 44199 in fiscal year 2024 is set at $1100. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay towards a tenant's rent subsidy under the Section 8 program. It is important to note that this is not the rent you can charge your tenants; it is the ceiling for the government's contribution.
Local average rents are currently listed as N/A, which makes direct comparison challenging. However, the FMR of $1100 provides a benchmark for what the HUD considers a reasonable rent in the area. If your property's market rent is below this amount, you might be able to participate in the program without adjusting your pricing strategy significantly.
The percentage of renters in the area is N/A%, indicating the proportion of residents who rely on renting as their primary housing solution. While specific numbers are not available, this percentage gives insight into the potential demand for rental properties. A higher percentage typically suggests a larger pool of potential tenants, including those who might benefit from Section 8 assistance.
In terms of acquisition costs, the median home value in ZIP 44199 is N/A. This information helps in understanding the overall real estate market value in the area. If you are purchasing a property to convert into a rental, the acquisition cost should be considered alongside the expected rental income and any subsidies.
Before committing to a Section 8 rental, it is crucial to verify that your property meets all the required standards. These include passing a thorough inspection to ensure it is safe, decent, and sanitary. Failure to meet these standards could result in reduced payments or even termination from the program.
In summary, while the FMR of $1100 sets a limit on government subsidy payments, it also indicates a level of demand for affordable housing in ZIP 44199. Ensure your property complies with HUD requirements to avoid complications once enrolled in the program.
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.