Location: Prescott Valley-Prescott, AZ | Metro: Prescott Valley-Prescott, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,490 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 86313 in fiscal year 2024 is set at $1580. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the amount your tenant will pay; it's the benchmark used by the housing authority to determine the subsidy.
In ZIP 86313, there is no available data on the average market rent, but we can infer that the FMR of $1580 is designed to reflect the typical rental costs in the area. This means that if your property's rent exceeds $1580, you may need to reduce the rent to comply with the Section 8 guidelines. However, if your rent is below this amount, you can still participate in the program without adjusting your rates.
The lack of specific data on the percentage of renters in the area means that we cannot provide an exact number on the demand for rental properties. However, the absence of such data does not diminish the potential interest from low-income families seeking affordable housing through the Section 8 program. These families are eager to find safe and decent homes, making the demand steady.
Regarding the acquisition cost of properties in ZIP 86313, again, there is no specific data available. Nonetheless, it's crucial to ensure that your property meets all the necessary quality standards and that the rent is set appropriately to receive the full subsidy from the housing authority. The housing authority will conduct an inspection to verify that the unit is fit for habitation and that the rent is reasonable compared to other similar units in the area.
Before deciding to accept a Section 8 tenant, verify that your property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). This involves ensuring that the unit is in good repair and meets safety requirements. A thorough understanding of these standards will help you avoid delays and ensure compliance.
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.