Location: Albany, OR | Metro: Albany, OR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,360 |
| 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 Fair Market Rent (FMR) for ZIP code 97335 in fiscal year 2024 is set at $1380. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay through the Section 8 program to cover a portion of a tenant's rent. It is important to note that this is not the actual rent you can charge your tenants; it is the benchmark HUD uses to determine how much they will contribute toward the rent.
In ZIP 97335, the local market rent is currently unavailable, but we can still analyze the situation using the FMR. The FMR of $1380 is the ceiling for the government subsidy, meaning that if your property's rent exceeds this amount, the tenant would have to pay the difference out of pocket. This could affect the attractiveness of your property to potential Section 8 tenants who might be looking for affordable housing options.
The 0.0% renter share indicates that there is no data available on the percentage of renters in the area. However, this does not necessarily mean there is no demand for rental properties. Section 8 vouchers are distributed based on need, and many individuals and families rely on these vouchers to find suitable housing. To gauge demand, you should look into the number of active Section 8 voucher holders in the area.
Regarding acquisition costs, the information is also not available. Nonetheless, this means that you cannot directly compare the cost of acquiring a property with the expected rental income from Section 8 tenants. To make an informed decision, you must assess the overall cost of owning and maintaining the property against the guaranteed payments from the Section 8 program.
Before proceeding with your first Section 8 rental, it is crucial to verify that your property meets all the necessary quality standards. HUD requires that all Section 8 properties pass a thorough inspection to ensure they are safe, decent, and sanitary. This includes checking for any issues related to lead-based paint, mold, pests, and other health hazards. Ensuring compliance with these standards will help avoid delays and additional costs down the line.
To summarize, while the local market rent and acquisition cost data are not available, the FMR of $1380 provides a critical benchmark for understanding the financial aspects of a Section 8 rental in ZIP 97335. The lack of specific renter share data suggests a need for further research into the demand for Section 8 housing in the area. Finally, confirming that your property meets HUD’s quality standards is essential before finalizing your decision.
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.