Location: Alexandria, LA | Metro: Alexandria, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 71359 in fiscal year 2024 is set at $1000. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent you will receive. The Housing Authority uses this number to determine the housing assistance payment standard for vouchers issued in your area.
To put this into perspective, consider that the FMR does not reflect the average market rent in ZIP 71359, which is currently unavailable. However, the FMR serves as a benchmark for what is considered reasonable rent for the area. If your property's market value is higher, you might find it challenging to participate in the Section 8 program unless you're willing to accept the lower rate.
The percentage of renters in the area is also not available, but typically, a higher renter share indicates greater demand for rental properties. Even without specific numbers, knowing that there is a significant portion of renters can suggest that there is interest in affordable housing options like those provided through Section 8.
When acquiring a new rental property, the initial investment cost should be carefully evaluated. Unfortunately, the exact acquisition cost for properties in ZIP 71359 is not provided here, but it's important to ensure that the $1000 FMR covers your expenses and provides a reasonable profit margin. It's advisable to consult local real estate agents or assess recent property sales to get an accurate idea of acquisition costs.
Before proceeding with your first Section 8 rental in ZIP 71359, verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in non-payment or termination of the contract.
In summary, the $1000 FMR for ZIP 71359 in fiscal year 2024 sets a cap on what you can charge for rent under the Section 8 program. Ensure that your property's acquisition and maintenance costs align with this figure to maintain profitability. Lastly, make sure your property passes the HQS inspection to avoid any complications with payments.
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.