Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The Fair Market Rent (FMR) for ZIP code 73101 in fiscal year 2024 is set at $1080. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, which is determined by the U.S. Department of Housing and Urban Development (HUD) based on the average market rent for a specific area. It's important to note that this is not the actual rent you would receive; it's the payment standard used to calculate the subsidy given to tenants.
In ZIP 73101, the median rent is currently listed as N/A, which makes direct comparison challenging. However, the FMR provides a benchmark for rental pricing in the area. The percentage of renters in this ZIP code is also listed as N/A%, indicating the proportion of residents who are likely to be interested in Section 8 housing. While specific numbers are not available, a higher percentage of renters generally means greater demand for affordable housing options.
The acquisition cost for properties in this area is listed as N/A, which typically refers to the initial investment required to purchase a property. This cost is an important factor when deciding whether to enter into a Section 8 program, as it affects your overall return on investment. Although we don't have exact figures, understanding the local real estate market will help you determine if the acquisition cost aligns with your financial goals.
Before proceeding with a Section 8 rental, ensure you verify that your property meets HUD's Housing Quality Standards (HQS). These standards are designed to ensure that rental units are safe, decent, and sanitary for tenants. Failure to meet these standards could result in your property being ineligible for the program, regardless of the FMR or other factors.
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.