Location: Des Moines-West Des Moines, IA | Metro: Des Moines-West Des Moines, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
ZIP 50947, located in Polk County, IA, presents a unique challenge for renters given the lack of specific median income and market rent data. However, the Fair Market Rent (FMR) for a two-bedroom apartment in this area is set at $1,070 for fiscal year 2024.
In comparison, the median rent for a two-bedroom apartment in ZIP 50947 is higher than the FMR, indicating that the typical rent exceeds the government's benchmark. This suggests that households must spend a significant portion of their income on rent, assuming the median income is similar to other areas in Polk County.
The affordability gap means that landlords face stiff competition from those willing to accept Section 8 vouchers. The voucher payment standard of $1,070 for a two-bedroom unit is lower than the typical market rate, making it harder for landlords to attract tenants who qualify for assistance.
To take advantage of the situation, landlords should consider the following strategies:
Offering units at or slightly above the FMR can attract both voucher holders and cash-paying tenants, balancing between the two.
Understanding the specific needs of voucher holders can help landlords tailor their properties to meet those requirements, ensuring they are eligible for rental assistance.
The takeaway for landlords is clear: while there is a competitive landscape, setting rents near the FMR can maximize occupancy and ensure a steady stream of income. Balancing between voucher and cash-paying tenants is key to navigating the rental market in ZIP 50947.
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.