Location: Santa Rosa-Petaluma, CA | Metro: Santa Rosa-Petaluma, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,980 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,900 |
| 4 Bedrooms | $4,300 |
| 5 Bedrooms | $4,988 |
| 6 Bedrooms | $5,587 |
| 7 Bedrooms | $6,034 |
| 8 Bedrooms | $6,336 |
The Fair Market Rent (FMR) for ZIP code 95416 in fiscal year 2024 is set at $2380. 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 actual rent you will receive; it's the payment standard used by the housing authority to determine the subsidy amount.
In ZIP 95416, the FMR of $2380 is the benchmark against which all Section 8 rents are measured. If your property's rent exceeds this amount, the tenant would need to pay the difference out-of-pocket. However, if the rent is below $2380, the housing authority will cover the full rent up to this limit.
The demand for affordable housing in ZIP 95416 is significant, with N/A% of residents being renters. This indicates a substantial portion of the population relies on rental properties, making Section 8 an attractive option for those seeking stable housing.
When considering the acquisition cost of a property in this area, the median home value is N/A. This can help you estimate the investment required to purchase a property suitable for Section 8 tenants. Keep in mind that the actual cost will vary based on the condition and location of the property.
Before proceeding with a Section 8 rental, ensure that your property meets the minimum property standards set by the housing authority. These standards are designed to ensure that the living conditions are safe and habitable, and failing to meet these requirements can result in disqualification from the program.
To summarize, the FMR of $2380 for ZIP 95416 means that you cannot charge more than this amount for rent under the Section 8 program. The high percentage of renters in the area suggests strong demand for affordable housing options. Verify that your property meets the housing authority's minimum standards to avoid any issues once you've made your investment.
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.