Location: Shreveport-Bossier City, LA | Metro: Shreveport-Bossier City, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 71046 in fiscal year 2024 is set at $910. 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 ceiling for the rent subsidy provided by the government. The subsidy covers the difference between the tenant's portion (typically 30% of their income) and the FMR.
In comparison, the average rent for the area, according to the Census American Community Survey (ACS), is $774. This means that the FMR is higher than the typical market rate, which could be advantageous for landlords who want to ensure they receive a competitive rent payment. However, the gap between the FMR and the local average also highlights the potential support needed for renters in this ZIP code.
The renter share in ZIP 71046 is 10.7%, indicating a moderate demand for rental properties. While this percentage suggests there is a reasonable number of tenants who might benefit from Section 8 housing, it's lower than some other areas where the renter share is higher. This could mean that competition among landlords for Section 8 tenants might be less intense, but it also implies that the pool of eligible tenants is smaller.
Regarding acquisition costs, the data shows an "N/A," which means there is no specific information available on the costs of acquiring a rental property in this ZIP code. This could be due to various reasons, including limited data or variability in property values. Landlords should research local real estate listings and consult with real estate agents to get a clearer picture of the costs involved in purchasing a rental property.
Before deciding to participate in the Section 8 program, one crucial step is to verify the condition of your property against the Housing Quality Standards (HQS). These standards are strict requirements that all Section 8 units must meet to ensure they are safe and habitable. A thorough inspection and any necessary repairs to comply with HQS will be required before your property can be approved for the program.
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.