Location: Prescott Valley-Prescott, AZ | Metro: Prescott Valley-Prescott, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
The Fair Market Rent (FMR) for ZIP code 86304 in Arizona for fiscal year 2024 is set at $1400. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, you will receive up to $1400 per month from the government to cover part of your tenant's rent. However, this does not equate to the total rent you can charge; it is the maximum amount the voucher will cover.
To put this into perspective, let's consider the local rental market. The average rent for comparable properties in ZIP 86304 is currently N/A. This indicates that the FMR might be slightly higher or lower than typical market rates, depending on the actual average rent. Regardless, the FMR serves as an upper limit for the government's contribution towards rent through Section 8.
The percentage of renters in the area who could benefit from Section 8 assistance is N/A%. This suggests a significant demand for affordable housing options. Landlords should understand that there are many tenants looking for subsidized housing, which can ensure steady occupancy rates.
When acquiring a property in this area, the typical price range is N/A. This information is crucial for determining whether the potential income from a Section 8 rental will meet your financial goals. Remember, while the FMR gives you an idea of the monthly income, you must also factor in maintenance costs, vacancy periods, and other expenses when deciding if a Section 8 rental fits your investment strategy.
Before you decide to enter the Section 8 market, verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the home is safe, decent, and sanitary for the tenant. Compliance with HQS is mandatory for acceptance into the Section 8 program, so this step is essential to avoid delays and complications.
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.