Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
The ZIP code 84126 is located in Salt Lake City, Utah. Specific demographic data such as population, percentage of renters, median income, and median home value is currently unavailable, leading to some gaps in the detailed analysis. However, we can infer that the area likely reflects broader trends seen in Salt Lake City, which is known for its diverse population and relatively high cost of living.
Moving into the economic specifics of rental housing, the Fair Market Rent (FMR) for ZIP code 84126 in fiscal year 2024 is set at $1,610. This figure is crucial for Section 8 investors as it defines the maximum rental assistance payment landlords can receive. Unfortunately, current market rent data for the area is also not available, making direct comparisons challenging. Nonetheless, the FMR serves as a benchmark for assessing the viability of properties within this ZIP code for Section 8 tenants.
Given the lack of precise local market rent data, it's important to consider the broader context of Salt Lake City's rental market. The city has seen steady growth, with rents generally trending upwards due to increased demand and limited supply. For Section 8 investors, this suggests a potential opportunity, but also requires careful consideration of the property's location and condition.
In terms of investment strategy, 84126 may suit both hands-off voucher operators and hands-on value-add buyers. Voucher operators benefit from the stability and predictability of government-assisted rents, while value-add buyers can leverage the area's growth potential by improving properties to command higher rents once market conditions permit. However, the decision should be based on a thorough assessment of individual property characteristics and their alignment with the FMR.
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.