Location: Cedar Rapids, IA | Metro: Cedar Rapids, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 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 52409 in fiscal year 2024 is set at $940. This figure represents the maximum amount that the Housing Choice Voucher Program, commonly known as Section 8, will pay toward a tenant's rent. It does not reflect the total rent you can charge your tenants.
In ZIP 52409, the local median rent is currently listed as N/A. However, the FMR of $940 serves as a benchmark for landlords participating in the Section 8 program. The percentage of renters in the area is also noted as N/A%, which indicates the proportion of residents who are likely to be seeking rental housing and potentially using vouchers.
The acquisition cost for properties in this ZIP code is listed as N/A. While this figure is not available, it is important to understand that the FMR helps ensure that the rent you charge does not exceed reasonable market rates. Landlords should aim to acquire properties that offer good value and potential for long-term investment.
Before deciding to participate in the Section 8 program with a property in ZIP 52409, you must verify that the property meets the Housing Quality Standards (HQS). These standards are designed to ensure that the homes where voucher holders live are safe, decent, and sanitary. Failure to meet these standards could result in disqualification from the program.
To summarize, the FMR of $940 in ZIP 52409 is a crucial number for landlords considering Section 8 rentals. It sets the maximum subsidy amount the government will pay, ensuring that rents remain within reasonable limits. Despite the lack of specific local median rent and percentage of renters, the FMR provides a solid basis for understanding the financial landscape. Your next step is to confirm that your property complies with HQS requirements.
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.