Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,720 |
| 1 Bedroom | $2,830 |
| 2 Bedrooms | $3,310 |
| 3 Bedrooms | $4,320 |
| 4 Bedrooms | $5,130 |
| 5 Bedrooms | $5,951 |
| 6 Bedrooms | $6,665 |
| 7 Bedrooms | $7,198 |
| 8 Bedrooms | $7,558 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 98029, which includes Issaquah, WA, is set at $3680 for fiscal year 2024. 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 rent you'll be setting for your property; it's the upper limit for reimbursement from the housing authority.
In comparison, the local market rent, known as the Zillow Observed Rental Index (ZORI), stands at $3,031. This means that the FMR is slightly higher than the typical market rent in the area, which could be beneficial for landlords participating in the Section 8 program as they might receive more in subsidies than they would from market-rate tenants.
The demand for rental properties in this area is strong, with 37.7% of the population being renters. This indicates a significant portion of the community looking for housing, including those who might qualify for the Section 8 program. The average acquisition cost for a rental property in Issaquah, based on recent sales, is around $1,195,247. This high cost reflects the desirability of the area and the potential for steady rental income.
Before you decide to enroll your property in the Section 8 program, verify that your property meets all the eligibility requirements, such as passing a Housing Quality Standards (HQS) inspection. This ensures compliance with federal standards and qualifies your property for the program.
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.