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 |
1880 is the Fair Market Rent (FMR) for ZIP code 85236 as of fiscal year 2024, indicating the maximum amount Section 8 participants can be charged for housing in this area. N/A represents the current market rent for the same region, highlighting a lack of recent data on rental prices which could suggest either stability or insufficient reporting. Similarly, the median home value being N/A points to limited data on property values, making it challenging to assess the overall wealth distribution among homeowners. The renter share at N/A% implies that there is no current statistical representation of how many residents choose to rent rather than own their homes, a figure that would typically inform investment strategies. Median income data for the area is also listed as N/A, leaving a gap in understanding the economic capacity of potential tenants. N/A days on the market (DOM) for listings indicate that there's no recent trend data available to determine how quickly properties are selling, which is crucial for gauging demand. Lastly, the price-cut share at N/A% suggests no information on how often sellers are having to reduce their asking prices, a metric that can reveal market competitiveness.
The absence of market-specific figures makes it difficult to provide a precise analysis of the rental market dynamics in ZIP 85236. However, given the $1880 FMR, landlords and small-portfolio investors should ensure their rental units meet the quality standards set by the program while pricing competitively within this limit. The reliance on FMR data alone, without supplementary market metrics, poses a risk as it doesn't reflect current market conditions or tenant preferences accurately. Therefore, thorough local market research is imperative before making any investment decisions.
Section 8 participation in ZIP 85236 remains viable, contingent upon aligning with program guidelines and ensuring that rents are competitive yet within the set limits. The lack of comprehensive data necessitates a cautious approach to investment, emphasizing the need for landlords to stay informed about local real estate trends and tenant needs.
Verdict: Participation in Section 8 is feasible but requires careful alignment with the $1880 FMR and diligent monitoring of local market conditions due to the scarcity of current statistical data.
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.