Location: Denver-Aurora-Centennial, CO | Metro: Denver-Aurora-Centennial, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 80235 in Lakewood, Colorado, for fiscal year 2024 is set at $2070. This figure represents the payment standard for Section 8 housing vouchers in your area, which means it's the maximum amount the government will pay on behalf of a tenant. However, it's important to note that this isn't necessarily the rent you'll charge your tenants directly.
Currently, the average rent in ZIP 80235, according to ZORI (Zillow Observed Rent Index), is $1,742. This indicates that the FMR is higher than the market average, which can be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the actual market rent can often be made up through the tenant's portion of the rent, which is based on their income.
The 46.5% renter share suggests that nearly half of the residents in Lakewood are renters, indicating a steady demand for rental properties. This high percentage of renters can translate into a stable tenant pool, which is particularly advantageous when considering a Section 8 property.
If you're looking to acquire a new rental property in ZIP 80235, the median home value stands at $445,140. This figure represents the typical cost of purchasing a home in the area. Given the FMR and the demand for rentals, a Section 8 property can be a good investment, offering a balance between the risk of vacancy and the stability of government-backed rent payments.
Before making a final decision to enter the Section 8 market, verify that the property meets all the necessary criteria for the program. This includes ensuring that the property passes a Housing Quality Standards (HQS) inspection, which checks for basic livability conditions. This step is crucial to avoid any complications once you've invested in the property.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.