Location: Waterloo-Cedar Falls, IA | Metro: Waterloo-Cedar Falls, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 50634, Gilbertville, IA, for fiscal year 2024 is set at $860. 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 amount you will receive as rent; it's the payment standard used by the Housing Choice Voucher Program.
In comparison, the average rent for the area, according to the latest Census American Community Survey (ACS), is $643. This means that the FMR is significantly higher than the local average, potentially offering a better income stream for your rental property.
The 13.6% share of renters in Gilbertville indicates a moderate demand for rental housing. While not extremely high, it suggests there is a reasonable number of potential tenants who could benefit from the Section 8 program. With an acquisition cost of approximately $209,451 for a typical property in the area, the FMR of $860 provides a clearer picture of the financial viability of a Section 8 rental.
To ensure the property meets the requirements, verify that the unit passes the Housing Quality Standards (HQS) inspection. This is a mandatory step before being approved for the Section 8 program. The HQS inspection ensures that the property is safe, decent, and sanitary, which is essential for both compliance and attracting tenants.
In summary, the FMR of $860 offers a higher payment standard compared to the local average of $643, making it a potentially lucrative option for landlords. The 13.6% renter share suggests moderate demand, and with an acquisition cost around $209,451, the economics of a Section 8 rental can be favorable. However, the key to success is ensuring the property meets the necessary standards through an HQS inspection.
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.