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 84165 in Unknown, UT presents unique challenges for renters and landlords alike. The median income data is currently unavailable, making it difficult to assess the average financial capacity of households in this area. However, with the Fair Market Rent (FMR) set at $1610 for fiscal year 2024, landlords must consider how this figure impacts their rental pricing strategy.
The voucher payment standard of $1610 represents a significant benchmark for affordability in the area. If the market rate is higher than this amount, which is likely given the lack of lower figures, there will be a noticeable affordability gap for those relying on vouchers. This means that many potential tenants may find it challenging to secure housing that meets their needs without exceeding their budget.
With an unspecified percentage of renters and an unknown total population, the competition among landlords remains uncertain. However, if the number of renters is substantial and the population is growing, landlords who price their rentals closer to or below the FMR will have a competitive edge. Conversely, those who charge above the FMR risk losing tenants to more affordable options or face prolonged vacancies.
The takeaway for landlords is clear: understanding and adhering to the voucher payment standards can be a strategic advantage. By setting rents at or slightly above $1610, landlords can attract a steady stream of tenants who rely on vouchers, ensuring consistent occupancy and income. For those considering higher rents, the risk of vacancy increases, especially if the market rate significantly exceeds the FMR. Balancing between voucher and cash-paying tenants requires careful consideration of local economic conditions and tenant preferences.
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.