Location: Grand Rapids-Wyoming, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
The Fair Market Rent (FMR) for ZIP code 49588 in Unknown, Michigan, for fiscal year 2024 is set at $1370. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the benchmark used to determine the highest allowable rent subsidy for eligible tenants.
In comparison to the local median rent, which is currently not available, the FMR of $1370 provides a guideline for what rents should be in the area. The percentage of renters who might benefit from the Section 8 program is also not specified, but this can give you an idea of the potential demand for subsidized housing in your area. If the demand is high, you're likely to have a steady stream of interested tenants.
The acquisition cost, which refers to the expenses incurred when preparing a property for Section 8 tenancy, is also unspecified. However, it typically includes items such as repairs, upgrades, and cleaning to meet the Housing Quality Standards (HQS). These costs can vary widely depending on the condition of your property.
To proceed with confidence, verify that your property meets the HQS requirements. These standards ensure that the rental unit is safe and habitable for tenants. Once you confirm that your property complies with these standards, you can move forward with applying to the Section 8 program.
While the FMR gives you a ceiling for rent, remember that the actual rent you'll receive depends on the tenant's income and the rent calculation formula used by the local housing authority. For ZIP 49588, the $1370 FMR should align closely with the average market rent in the area, making it a fair compensation for landlords participating in the program.
In conclusion, the FMR of $1370 for ZIP 49588 is a critical piece of information for landlords and small-portfolio investors considering their first Section 8 rental. It sets the stage for understanding the financial expectations and the demand for affordable housing in the area. Ensure your property meets the necessary safety and quality standards before signing up to avoid any delays or complications.
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.