Location: Sanpete County, UT | Metro: Provo-Orem-Lehi, UT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 84629 in fiscal year 2024 is set at $1230. This figure represents the maximum amount a landlord can charge for rent under the Section 8 program, which is a government subsidy program for low-income tenants. It's important to note that this is the payment standard, not necessarily the actual rent you will receive.
To put this into perspective, the average rent in ZIP 84629, according to Census American Community Survey (ACS) data, is $979. This means that the FMR under Section 8 is higher than the typical market rate, potentially offering landlords a better deal than they might get from non-subsidized tenants.
The 7.8% share of renters in the area indicates that there is a steady demand for rental housing. Given this demand, landlords who offer properties through the Section 8 program can expect a consistent tenant base. However, it also means that competition among tenants for these subsidized units is likely to be high.
If you're looking to acquire a property in ZIP 84629 for your first Section 8 rental, the median home value is around $410,258. This is a significant investment, but it could be worthwhile given the potential for stable income and lower vacancy rates associated with Section 8 tenancy.
Before proceeding with a Section 8 rental, one critical step is to verify that your property meets all the necessary requirements for the program. This includes ensuring that the unit is up to Housing Quality Standards (HQS), which cover safety, health, and structural issues. The effort required to meet these standards is a necessary part of participating in the Section 8 program and ensures that both the landlord and tenant have a positive experience.
In summary, the FMR of $1230 for ZIP 84629 offers a clear benchmark for the maximum rent you can charge under Section 8, which is above the local average of $979. With a 7.8% renter share, there is a solid demand for rentals, making this ZIP code an attractive option for first-time Section 8 landlords. The median home value of $410,258 provides a baseline for property acquisition costs. Ensure your property complies with HQS to avoid any issues once you've made the investment.
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.