Location: Albany, OR | Metro: Albany, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
U.S. Census Bureau data (2024)
The ZIP code 97329 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is a significant concern due to the discrepancy between the market rent and the Fair Market Rent (FMR) set at $1780 for FY 2024. This can lead to frequent changes in occupancy, increasing management costs and operational disruptions.
Vacancy exposure is another issue, especially since there's no data available on the days on market (DOM) for rental properties in this area. Without this information, it's difficult to predict how long a property might remain vacant, which can impact cash flow and profitability.
Deferred maintenance is also a risk factor. The median income in ZIP 97329 is $43,929, which is relatively low compared to the cost of living. This can result in tenants being unable to afford necessary repairs, leading to potential deterioration of the property over time if not managed properly.
However, these risks are tempered by the high renter share of 70.0%. High renter density typically translates into higher demand for rental housing, including properties that accept Section 8 vouchers. This strong demand can help mitigate the risk of vacancies and ensure a steady stream of potential tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.