Location: Slope County, ND | Metro: Bowman County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 58651 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant concern, especially when comparing the market rent to the $950 Fair Market Rent (FMR) set for fiscal year 2026. Landlords may face higher turnover rates if market conditions push rents above the FMR, leading to financial instability.
Vacancy exposure is another critical issue. With an unknown average days on market (DOM), it's difficult to predict how long properties might remain vacant. A longer DOM increases the risk of financial loss due to extended periods without rental income.
Deferred maintenance poses a substantial threat. The median home value is not specified, but the median household income stands at $75,956. This income level suggests that tenants might struggle to cover maintenance costs beyond their monthly rent, which could fall to the landlord. Without a clear understanding of the typical home value, it's challenging to gauge the extent of potential maintenance issues.
However, these risks are somewhat mitigated by the high concentration of renters in the area. An 18.6% renter share indicates a robust demand for rental properties, likely including a strong interest in Section 8 vouchers. High renter density typically translates into a larger pool of potential tenants who can benefit from government subsidies, ensuring steady occupancy.
In conclusion, the verdict for a first-time Section 8 landlord in ZIP 58651 is moderate risk. While there are notable challenges such as tenant turnover and deferred maintenance, the high renter share provides a buffer against vacancy exposure.
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.