Location: Grant County, ND | Metro: Grant County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 58564 presents several challenges for landlords considering Section 8 investments. Tenant turnover can be problematic due to the disparity between market rents and the Fair Market Rent (FMR) set at $980 for fiscal year 2026, which is based on metro area standards. This gap can lead to higher tenant churn if the FMR does not align with local market conditions, potentially leaving properties vacant and reducing income.
Vacancy exposure is another concern, especially since the days on market (DOM) for rental units is currently unknown. This lack of data makes it difficult to predict how quickly a property might fill, increasing the risk of prolonged vacancies. In addition, the typical home value in the area is also unspecified, which complicates assessing the potential for deferred maintenance issues. With a median income of $80,625, residents may have the financial capacity to cover higher rents, but without knowing the market rent, it's unclear how competitive Section 8 rates will be.
Despite these risks, the ZIP code has a relatively high renter share at 3.9%, suggesting that there is significant demand for rental housing, including Section 8 vouchers. High renter density typically correlates with greater interest in affordable housing options, which can stabilize occupancy rates and reduce the impact of tenant turnover.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.