Section 8 Fair Market Rent (FMR) for ZIP 60699 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 60699 in fiscal year 2024 is set at $1680. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you'll receive; rather, it's the payment standard used by the Housing Choice Voucher Program to determine the subsidy amount.

In ZIP 60699, the median rent for non-subsidized units is currently listed as N/A. However, the percentage of renters who could potentially benefit from the Section 8 program in this area is N/A%. This suggests that there is a significant demand for affordable housing options, making Section 8 rentals a viable choice for landlords looking to fill vacancies.

The acquisition cost for new Section 8 units in this region is also N/A. This cost refers to the amount that the housing authority will pay to bring a unit into compliance with Section 8 requirements. While these figures are not available, it's crucial to understand that the Section 8 program typically covers a portion of the rent, while the tenant pays the remainder. The total rent charged cannot exceed the FMR, which in this case is $1680.

Before deciding to participate in the Section 8 program with your first rental in ZIP 60699, you must verify that your property meets the housing quality standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in penalties or removal from the program. Therefore, conducting a thorough inspection and possibly making necessary improvements is a critical step in ensuring compliance.

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.