Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
The ZIP code 85070 in Phoenix-Mesa-Chandler County presents a unique set of challenges and opportunities for landlords and small-portfolio investors. Due to the lack of specific demographic data such as the number of residents, percentage of renters, median income, and median home value, it's essential to focus on the available voucher economics to make informed decisions.
The Fair Market Rent (FMR) for ZIP 85070 in fiscal year 2024 is set at $1880. This figure represents the maximum amount that a landlord can charge for a Section 8 rental agreement, which includes both the rent and utilities. However, without precise market rent data, it's difficult to compare the FMR against local rental rates. The absence of this information suggests a need for landlords to conduct their own market research to determine if the FMR aligns with the typical rent charged in the area.
Investors should consider the FMR as a baseline for setting rents in subsidized units. If the local market rent is below the FMR, landlords can benefit from the guaranteed income provided by the Section 8 program. Conversely, if the market rent exceeds the FMR, landlords might find themselves competing with unsubsidized rentals, potentially leading to lower occupancy rates unless they can offer additional amenities or services that justify the higher rent.
The data signature for ZIP 85070 appears transitional. While there is no specific data on residents, rental rates, income, or home values, the presence of the FMR indicates an active housing market that is likely subject to change. Landlords and investors should remain vigilant about local economic trends and housing demand to adapt their strategies accordingly.
To conclude, ZIP 85070 offers a niche opportunity for those willing to navigate the uncertainties of a data-scarce area. The Section 8 program, with its fixed FMR, provides a stable income source but requires careful consideration of the local rental market dynamics to ensure profitability and success.
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.