Location: Grand Junction, CO | Metro: Grand Junction, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
The Fair Market Rent (FMR) for ZIP code 81502 in fiscal year 2024 is set at $1120. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount of rent that can be charged for a Section 8 rental unit in this area. It is important to note that this is not the rent you will charge your tenants directly; rather, it is the ceiling on the amount that can be subsidized by the government.
In ZIP 81502, the local median rent is currently listed as N/A, which makes direct comparison challenging. However, the FMR provides a benchmark for understanding what the market might bear. If the local median rent were known, it would give you an idea of whether the FMR is above or below the average rent in the area, indicating potential profitability or the need for adjustments.
The percentage of renters in the area is N/A%, suggesting a significant demand for rental properties. High renter percentages often indicate a robust market for rentals, including those under Section 8 programs. This demand can help ensure a steady stream of tenants interested in your property.
The typical acquisition cost for properties in this area is also listed as N/A. Knowing the acquisition cost helps you understand the initial investment required and how long it might take to recoup that investment based on the FMR and other factors such as maintenance costs and vacancy rates.
Before proceeding with a Section 8 rental in ZIP 81502, verify that your property meets all the necessary requirements for participation in the program. This includes ensuring that the rent is within the FMR limit and that the property passes a housing quality standards inspection. These steps are crucial to avoid any issues that could prevent you from receiving the promised subsidy payments.
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.