Location: Tyler, TX | Metro: Tyler, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
The Fair Market Rent (FMR) for ZIP code 75710 in fiscal year 2024 is set at $1240. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, this is the maximum amount that the government will pay toward the rent of your property. It's important to note that this does not necessarily reflect the actual rent you can charge; it's the benchmark for the subsidy.
To understand the demand for Section 8 rentals in this area, consider that the local renter share is N/A%. This percentage indicates the proportion of renters who might be eligible for Section 8 assistance, suggesting a potential market for your property. However, without specific data on the average rent in ZIP 75710, it's challenging to provide a direct comparison to the FMR. Typically, landlords aim to set their rents slightly above the FMR to cover any gaps between the voucher payment and the total rent they wish to collect.
The acquisition cost for properties in ZIP 75710 is listed as N/A. This figure would give insight into the typical price range for buying a rental property in this area, helping you gauge whether the potential income from Section 8 tenants aligns with your investment goals. The lack of specific acquisition cost data makes it difficult to assess the overall profitability of such an investment, but generally, landlords should ensure that the rental income covers mortgage payments, maintenance, and other expenses associated with owning a rental property.
Before proceeding with your first Section 8 rental in ZIP 75710, verify the condition of your property against the Housing Quality Standards (HQS). These standards ensure that the home meets basic safety and habitability requirements, which must be met for the property to be approved for the Section 8 program. This step is crucial to avoid delays in getting your property approved and to ensure compliance with federal regulations.
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.