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 85071 in Arizona presents a unique challenge for analysis due to the lack of specific demographic data such as population size, percentage of renters, and median household income. However, based on the available information, we can still draw some conclusions about the suitability of this area for landlords and small-portfolio investors interested in Section 8 tenants.
Section 8, also known as the Housing Choice Voucher program, provides rental assistance to low-income families, the elderly, and the disabled. The demand for these vouchers is typically higher in areas where a significant portion of the population relies on rental housing and where incomes are lower relative to the cost of living.
While the exact percentage of renters in ZIP 85071 is unknown, the absence of data on homeownership suggests that this could be a predominantly renter-heavy area. This implies a potential high demand for Section 8 vouchers among the tenant pool. Landlords in this area should prepare for a strong interest from tenants seeking rental assistance.
The Fair Market Rent (FMR) for ZIP 85071 is set at $1880 per month for fiscal year 2024. This figure represents the maximum amount that landlords can charge for their units under the Section 8 program. Without specific market rent data, it's difficult to provide an exact comparison to local rents; however, landlords should be aware that the FMR is likely to be a key benchmark for setting rent prices in subsidized housing.
In terms of tenant profiles, landlords in 85071 can expect a mix of low-income individuals and families who qualify for the Section 8 program. These tenants will have a monthly rent obligation that does not exceed 30% of their adjusted income, which is then supplemented by the government to cover the remainder up to the FMR of $1880.
To make informed decisions, landlords and investors should seek out additional sources of local economic data, including the average income levels and the cost of living in the area, to better understand how typical market rents compare to the FMR and to gauge the financial stability of potential tenants.
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.