Location: Colorado Springs, CO | Metro: Colorado Springs, CO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $3,000 |
| 4 Bedrooms | $3,450 |
| 5 Bedrooms | $4,002 |
| 6 Bedrooms | $4,482 |
| 7 Bedrooms | $4,841 |
| 8 Bedrooms | $5,083 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 80840 in fiscal year 2024 is set at $2,380. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a unit in this area. It's important to note that this is not the rent you should charge your tenants; rather, it's the benchmark used by the government to determine the payment standard for vouchers.
In comparison, the average rent for properties in ZIP 80840, based on the latest Census American Community Survey (ACS) data, is $2,264. This indicates that the FMR is slightly above the market rate, which could be beneficial for landlords participating in the Section 8 program. The difference of $116 between the FMR and the average rent suggests that landlords may see a slight increase in revenue when compared to typical market rates.
The high demand for rentals in this area is reflected by the fact that the renter share is 100%. This means every property in the ZIP code is occupied by renters, indicating strong potential for occupancy if you decide to offer a Section 8 rental. Given the high demand, it's likely that your property will attract interested tenants quickly.
However, the acquisition cost for properties in ZIP 80840 is listed as N/A, which means there isn't enough data to provide a specific figure. This could imply that property values are either too variable or not well-documented to give a precise average. Nonetheless, the Section 8 program ensures that you will receive consistent monthly payments, which can help stabilize your income.
Before proceeding with your first Section 8 rental, you must verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these requirements can result in disqualification from the program, so it's crucial to check that your rental property complies with all necessary regulations.
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.