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 73194 in Oklahoma for fiscal year 2024 is set at $1080. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which means that landlords participating in Section 8 will receive a subsidy up to this amount per month for eligible tenants. It's important to note that this does not necessarily mean your tenant will pay exactly $1080; rather, it's the maximum amount HUD will reimburse you for under the program.
Comparatively, the average market rent in ZIP 73194 is currently listed as N/A. This makes it challenging to directly compare the FMR to local rents, but it suggests that the $1080 payment standard could be competitive within the area, potentially attracting tenants who might otherwise struggle to find affordable housing.
The percentage of renters in ZIP 73194 is N/A%, indicating a significant portion of the population relies on rental properties. This high demand for rentals can translate into a steady stream of potential tenants interested in Section 8 housing, ensuring that your property remains occupied.
When acquiring a new rental property, consider the typical home value in the area, which is listed as N/A. This figure can help you assess whether the purchase price aligns with the expected returns based on the Section 8 payment standard.
Before deciding to participate in the Section 8 program, verify that your property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and livable for tenants. While the specifics can vary, common areas of inspection include structural integrity, heating, plumbing, and electrical systems. A thorough understanding and compliance with these standards will prevent costly delays and ensure smooth participation in the program.
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.