Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
The HUD Fair Market Rent (FMR) for ZIP code 44282 in Cleveland, OH, for fiscal year 2024 is set at $1170. However, due to the lack of available market rent data, it's challenging to provide a direct comparison. Nonetheless, based on the FMR alone, landlords can expect that voucher tenants will cashflow positively at the FMR rate, assuming the property meets all necessary criteria.
The median home value in ZIP 44282 is currently unavailable, which makes deriving an exact rent-to-price ratio difficult. Nevertheless, the absence of market rent data suggests that rental properties in this area may be less competitive compared to others in the region. This could mean that voucher tenants paying the FMR rate might still offer a stable cash flow opportunity, especially for those landlords who can manage their expenses effectively.
The days on market (DOM) and the percentage of homes that had their prices cut are also not available. These metrics would typically help in understanding the rent-versus-buy dynamics in the area. Without this information, it's important to note that the stability offered by Section 8 tenants is a significant advantage, as they are guaranteed a portion of their rent through the voucher program.
The strongest investor angle in ZIP 44282 appears to be cashflow. Given the certainty of the FMR and the likelihood of positive cash flow, landlords can focus on managing their costs and ensuring their properties meet the necessary standards to attract and retain voucher tenants. This approach offers a reliable income stream, which is particularly beneficial for small-portfolio investors looking for consistent returns.
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.