Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,150 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,960 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,200 |
| 5 Bedrooms | $4,872 |
| 6 Bedrooms | $5,457 |
| 7 Bedrooms | $5,894 |
| 8 Bedrooms | $6,189 |
The Fair Market Rent (FMR) for ZIP code 91503 in fiscal year 2024 is set at $2540. 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 the amount you will receive as rent; rather, it's a benchmark used by the Housing Choice Voucher Program to determine the maximum allowable rent for subsidized units.
In ZIP 91503, the FMR of $2540 sets a cap on the rent that can be charged to tenants participating in the Section 8 program. However, the actual rent received by landlords may be lower due to the tenant's contribution towards the rent, which is typically a percentage of their income.
The demand for rental properties in this area is indicated by the N/A% share of renters. This means that a significant portion of the population in ZIP 91503 relies on rental housing, suggesting a steady demand for available units. Landlords should consider this when evaluating the potential occupancy rates for a Section 8 property.
When acquiring a property in ZIP 91503, the average cost is N/A. This figure can help you assess whether your investment will align with the expected returns from renting out the property under the Section 8 program. It's crucial to compare these costs against the FMR to ensure that your investment will be profitable.
Before deciding to enter the Section 8 market with your first rental property in ZIP 91503, it's essential to verify that the property meets all the necessary requirements for the program. Specifically, you must ensure that the unit passes a Housing Quality Standards (HQS) inspection. This verification step is critical because it ensures that the property is safe, decent, and sanitary, which are prerequisites for being accepted into the Section 8 program.
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.