Location: Seattle-Bellevue, WA | Metro: Seattle-Bellevue, WA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,080 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,530 |
| 3 Bedrooms | $3,300 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
U.S. Census Bureau data (2024)
The rent math in ZIP 98056, Renton, WA, does not work favorably for landlords participating in the Section 8 program. The Fair Market Rent (FMR) set by HUD for the zip code for fiscal year 2024 is $2390, while the actual market rent, measured by ZORI, stands at $2,206. This indicates that landlords may be receiving slightly less than the market rate through the Section 8 program.
Acquisition in this area is moderately affordable, with a median home value of $882,057. The days on market (DOM) average at 11 days, suggesting homes are selling relatively quickly. However, only 0.2% of listings involve a price cut, which implies that the market is robust and buyers are willing to pay the asking price without significant negotiation.
Tenant demand is strong in ZIP 98056. With a total population of 35,849, 45.7% of residents are renters, indicating a substantial pool of potential tenants. This high renter share supports the idea that there is ample opportunity for landlords to fill properties with Section 8 tenants.
Based on these factors, ZIP 98056 presents a mixed picture for landlords and small-portfolio investors. While the slight discrepancy between the FMR and market rent might reduce profitability, the quick sale times and strong demand for rental properties offer a stable investment environment. Landlords should carefully weigh these considerations when deciding whether to participate in the Section 8 program in this area.
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.