Location: Bremerton-Silverdale-Port Orchard, WA | Metro: Bremerton-Silverdale-Port Orchard, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,770 |
| 1 Bedroom | $1,980 |
| 2 Bedrooms | $2,540 |
| 3 Bedrooms | $3,410 |
| 4 Bedrooms | $3,620 |
| 5 Bedrooms | $4,199 |
| 6 Bedrooms | $4,703 |
| 7 Bedrooms | $5,079 |
| 8 Bedrooms | $5,333 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 98315 in fiscal year 2024 is set at $2,630. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it is the maximum amount that the government will pay to cover a tenant's rent. It does not necessarily reflect the actual rent you can charge, but rather serves as an upper limit for voucher payments.
In comparison, the average rent for the same ZIP code according to the Census Bureau's American Community Survey is $2,353. This suggests that the FMR is slightly higher than the typical market rate, which could be beneficial if you're looking to maximize your income through Section 8.
The high renter share in 98315, at 98.7%, indicates strong demand for rental properties. This is particularly advantageous for landlords and small-portfolio investors, as it ensures a steady pool of potential tenants who might benefit from Section 8 vouchers. With such a high percentage of renters, there is little doubt about the need for affordable housing options.
Regarding acquisition costs, the data shows it as N/A, which typically means that specific information is not available or applicable. In practical terms, this implies that the cost to acquire a property in 98315 could vary widely depending on the type of property and its condition. However, it does not affect the decision to participate in Section 8 based on the FMR and average rent figures alone.
Before proceeding with a Section 8 rental, one critical verification step is to ensure your property meets the Housing Quality Standards (HQS). These standards are designed to ensure that all Section 8 units are safe, decent, and sanitary. Failure to meet these criteria could result in disqualification from the program, regardless of the property's location or the ZIP code's FMR.
In summary, the FMR of $2,630 for ZIP code 98315 provides a clear benchmark for the maximum government subsidy you can receive. Given the average local rent of $2,353 and the high demand indicated by the renter share, participating in Section 8 can be a viable option for landlords and investors. However, make sure your property complies with HQS to avoid any issues.
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.