Location: Las Vegas-Henderson-North Las Vegas, NV | Metro: Las Vegas-Henderson-North Las Vegas, NV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
The Fair Market Rent (FMR) for ZIP 89028, as of the fiscal year 2024, is set at $1640. This figure is crucial for landlords and small-portfolio investors who are considering participating in the Section 8 program. Without precise local market rent data, we must infer that the FMR is designed to reflect the typical rental rates in the area.
Given the lack of specific market rent figures, it's challenging to directly compare the FMR to the local rental market. However, if the FMR is accurately calibrated, it should represent a fair approximation of what tenants can expect to pay for housing assistance under the Section 8 program.
When evaluating whether ZIP 89028 suits a hands-off voucher operator or a hands-on value-add buyer, the key lies in understanding the dynamics of the local rental market. If the market rents closely match the FMR, then a hands-off approach may suffice. Landlords would simply need to ensure their properties meet the necessary standards for the program without needing to actively manage rental rates.
On the other hand, if there is a significant gap between the FMR and actual market rents, a value-add strategy could be more profitable. Investors might consider enhancing property values through renovations or improvements to command higher rents while still accepting vouchers.
In conclusion, while specific data points for ZIP 89028 were not available, the FMR of $1640 serves as a benchmark for Section 8 participation. The suitability of a hands-off or hands-on investment strategy will depend on the actual market conditions, which require further investigation to determine.
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.