Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 85618 in fiscal year 2024 is set at $1570. This figure represents the maximum amount that a landlord can charge a tenant who participates in the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you'll be collecting directly from your tenants; rather, it's the reimbursement limit from the government.
In comparison, the average market rent in ZIP 85618, according to the Census American Community Survey, is $1,136. This means that the FMR for Section 8 participants is higher than the typical market rate, providing a potential financial advantage for landlords who accept vouchers.
The renter share in ZIP 85618 is 11.9%, indicating a moderate demand for rental properties. While this percentage might seem low, it translates into a significant number of potential tenants who could benefit from the Section 8 program. The lack of specific acquisition cost data suggests that property values in this area are highly variable, making it essential to research individual property costs carefully.
Before deciding to participate in the Section 8 program, verify that your property meets all the necessary inspection criteria. The government requires that homes rented through Section 8 meet certain standards of habitability and safety. Once you confirm compliance, you can proceed with confidence, knowing that you will receive a steady income that matches the FMR, regardless of the typical market rates.
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.