Section 8 Fair Market Rent (FMR) for ZIP 85299 - 2027

FY 2027 Fair Market Rent Rates

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 specific demographic and economic data for ZIP 85299, located in Gilbert, Arizona, is limited. However, we can still build a portrait based on the available information and focus on the rent economics relevant to Section 8 investors.

The neighborhood in ZIP 85299 is part of Gilbert, a rapidly growing city in Maricopa County, Arizona. While detailed population statistics are not immediately available, the area is known for its suburban feel with a mix of residential homes and commercial spaces.

Regarding the rental market, the Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 85299 for fiscal year 2024 is set at $1880. This figure is crucial for Section 8 investors as it dictates the maximum allowable rent for subsidized units. In comparison, the market rent for similar units in the area is also around $1880, indicating that the FMR closely aligns with the actual rental rates.

The practical question for investors is whether this place fits a hands-off voucher operator or a hands-on value-add buyer. Given the alignment between FMR and market rents, a hands-off approach might be suitable for those looking to manage a stable investment without the need for significant rent increases. For value-add buyers, there may be opportunities to improve properties and potentially command slightly higher rents within the FMR guidelines.

In summary, ZIP 85299 presents a stable rental market with FMR rates that closely match the actual market conditions. Investors should consider their goals—whether they aim for steady, low-maintenance returns or are willing to actively manage and enhance their properties—to determine the best strategy for their investments.

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.