Location: Richland County, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58052 in fiscal year 2024 is set at $910. This figure represents the payment standard for Section 8 rentals in this area, which means it's the maximum amount the Housing Choice Voucher program will pay toward a tenant's rent. It's important to note that this is not the rent you should charge; rather, it's the ceiling on what the government will contribute.
To put this into perspective, the average rent in ZIP 58052, according to recent Census American Community Survey data, is $589. The FMR being higher than the average rent indicates a potential opportunity to charge slightly above the local average while still remaining within the guidelines of the Section 8 program.
With 19.1% of the population being renters, there is a steady demand for rental properties in this area. However, it's crucial to understand that the demand for Section 8 housing can be different, often influenced by factors such as availability and eligibility requirements. The FMR helps ensure that landlords receive a fair rate for their property, reflecting the market conditions but also adhering to affordability standards for low-income families.
If you're looking to acquire a new property for your first Section 8 rental, consider that the median home value in ZIP 58052 is around $263,729. This is an important figure to keep in mind when assessing the potential profitability of a Section 8 rental. While the government payment might not cover the entire rent, it provides a stable income stream that can help offset some of the costs associated with owning and maintaining a rental property.
Before making a decision to enter the Section 8 market, one critical step is to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable, which is a requirement for participation in the program. Landlords must pass an inspection to confirm that the property complies with these HQS criteria.
In summary, the FMR of $910 for ZIP 58052 provides a framework for setting your rent, ensuring it remains competitive yet affordable. With a local average rent of $589 and a renter share of 19.1%, there is a viable market for Section 8 rentals. Ensure your property meets the necessary HQS to avoid any complications once you decide to participate.
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.