Location: San Luis Obispo-Paso Robles, CA | Metro: San Luis Obispo-Paso Robles, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,720 |
| 3 Bedrooms | $3,630 |
| 4 Bedrooms | $4,210 |
| 5 Bedrooms | $4,884 |
| 6 Bedrooms | $5,470 |
| 7 Bedrooms | $5,908 |
| 8 Bedrooms | $6,203 |
The Fair Market Rent (FMR) for ZIP 93423 in fiscal year 2024 is set at $2270. This figure represents the payment standard used by the Housing Choice Voucher program, commonly known as Section 8. It does not mean you will receive $2270 in rent; rather, it's the maximum amount that the government will pay toward a tenant's rent if they use a voucher. Landlords can charge more than this amount, but the tenant must cover the difference out-of-pocket.
In ZIP 93423, there is no specific local rent figure provided for comparison, which means the FMR serves as a guideline for what is considered a reasonable rent in the area. However, the lack of local data suggests that the FMR is likely reflective of the average market rent, given the absence of any conflicting information.
The percentage of renters in the area is listed as N/A%, indicating a significant portion of the population relies on renting as their primary housing solution. This high demand for rentals makes Section 8 properties particularly attractive, as they offer a steady stream of income through government subsidies.
When acquiring a property for Section 8 in ZIP 93423, the acquisition cost is also noted as N/A. This implies that the cost of purchasing a suitable rental property should be carefully evaluated against the FMR and other local economic factors to ensure profitability.
Before proceeding with your first Section 8 rental in ZIP 93423, it is crucial to verify that the property meets all the necessary inspection criteria. The Housing Authority conducts regular inspections to ensure living conditions comply with minimum standards. Failure to meet these standards can result in reduced payments or even eviction of tenants, so ensuring your property passes inspection is key to avoiding 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.