Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,140 for ZIP 74149 in fiscal year 2024 will sufficiently cover the mortgage on a property. The data does not provide specific mortgage costs for the area, but the FMR reflects the average rent for a modest-quality rental unit and can serve as a benchmark. If the mortgage payment is below this amount, the FMR should cover it adequately.
The investor may also wonder if there is sufficient demand from renters at this rate. Unfortunately, the exact percentage of demand at this price point is not specified in the data. However, the presence of a FMR indicates that there is a significant rental market in the area. It is advisable to consult local real estate professionals to gauge the specific rental demand at this rate.
Another concern could be whether Section 8 vouchers will keep pace with the local market rents. The data does not offer specific projections for voucher amounts in ZIP 74149. Historically, the U.S. Department of Housing and Urban Development (HUD) adjusts voucher amounts annually based on local market conditions. To ensure alignment, landlords should monitor HUD announcements and local housing authorities for any changes in voucher amounts.
In summary, while the FMR of $1,140 provides a useful reference point, further investigation is needed to determine the mortgage costs and specific rental demand at this rate. Additionally, keeping an eye on annual adjustments to Section 8 vouchers is crucial for maintaining financial stability in the rental market of ZIP 74149.
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.