Location: Urban Honolulu, HI | Metro: Urban Honolulu, HI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,540 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
The Fair Market Rent (FMR) for ZIP code 96859 in fiscal year 2024 is set at $2390. This figure represents the payment standard for landlords participating in the Section 8 program, not the rent you can charge tenants directly. The FMR is used by the government to determine the maximum amount of rental assistance that can be paid to landlords on behalf of eligible low-income families.
In ZIP 96859, the local market rent is currently N/A, which makes it challenging to compare directly with the FMR. However, the percentage of renters in the area who could benefit from Section 8 assistance is N/A%, indicating a significant demand for affordable housing options. This suggests that there are many potential tenants who would qualify for the program and could afford to live in your property with the help of rental subsidies.
The average home price in the area is N/A, which gives you an idea of the typical acquisition costs for real estate in ZIP 96859. While this does not directly relate to rental properties, it can provide insight into the overall value of properties in the area.
Before deciding to participate in the Section 8 program with your first rental in ZIP 96859, you should verify that your property meets all the necessary requirements for the program. This includes ensuring that your rental unit is up to the Housing Quality Standards (HQS), which are designed to ensure that the housing is safe and decent for the tenants.
To summarize, the FMR of $2390 will be the benchmark for the rental assistance payments you receive if you decide to enter the Section 8 program. Given the high percentage of renters in the area, you can expect a steady stream of qualified applicants. Make sure your property complies with HQS to avoid any delays in the process.
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.