Location: Franklin Parish, LA | Metro: Franklin Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 71243 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern, especially when comparing the market rent to the Fair Market Rent (FMR) of $850 for FY 2026. This discrepancy can lead to frequent changes in tenants, which increases administrative costs and maintenance needs. Additionally, the vacancy exposure is heightened due to the lack of data on days on market (DOM), indicating potential difficulty in filling units promptly. The deferred-maintenance exposure is also notable, as the median income of $77,847 may not cover the costs associated with maintaining properties at a high standard, particularly without a reliable figure for the typical home value in the area.
Despite these risks, the 7.0% renter share suggests a high concentration of renters in the area, which typically translates into strong demand for rental housing, including units that accept Section 8 vouchers. This high demand can mitigate some of the risks associated with vacancy and tenant turnover, ensuring a steady stream of potential tenants. Moreover, the robust interest in rentals often leads to a competitive environment where landlords can attract tenants who are committed to their leases, reducing the likelihood of frequent turnovers.
In summary, while there are considerable risks related to tenant turnover, vacancy exposure, and deferred maintenance, the high renter density in ZIP 71243 offers a counterbalance that can support stable occupancy rates. However, the lack of specific data points makes it challenging to fully assess the financial viability. Therefore, the overall risk for a first-time Section 8 landlord in this area is moderate.
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.