Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
The Fair Market Rent (FMR) for ZIP code 73022 in fiscal year 2024 is set at $1200. This figure represents the payment standard, meaning it's the maximum amount that a landlord can expect to receive from the government for renting a property under the Section 8 program. It does not reflect the actual rent that tenants will pay; rather, it ensures that the landlord receives a fixed monthly subsidy.
To put this into perspective, the local median rent for similar properties in ZIP 73022 is currently listed as N/A. While this specific data point is unavailable, we can still assess the potential demand for Section 8 rentals using the percentage of renters in the area, which stands at N/A%. A higher percentage indicates a larger pool of potential tenants who might be interested in Section 8 housing, thus increasing the likelihood of finding suitable occupants.
In terms of acquisition costs, the average price for a property in ZIP 73022 is N/A. This means that if you're planning to purchase a rental property specifically for Section 8 tenants, you should factor in this average price when assessing your investment's profitability. The FMR of $1200 will cover your rental income, but you must ensure that this amount, combined with any additional tenant contribution, covers your mortgage payments, maintenance costs, and other expenses associated with owning a rental property.
Before proceeding with a Section 8 rental, there is one critical step you must take: verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the home is safe, decent, and sanitary for occupancy. Failure to meet these criteria could result in rejection from the program, leading to wasted time and resources. Once you confirm compliance with HQS, you can confidently move forward with your Section 8 rental in ZIP 73022.
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.