Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
U.S. Census Bureau data (2024)
The ZIP code 99346 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the Fair Market Rent (FMR) for the area stands at $1600 for FY 2024, while the market rent is currently unavailable. This discrepancy can lead to higher turnover rates if tenants find better deals elsewhere. Additionally, vacancy exposure is heightened due to the unavailability of data on days on market (DOM), indicating potential difficulty in filling vacancies quickly. The typical home value data is also missing, but with a median income of $50,865, there's a risk that properties may require substantial deferred maintenance, which could be financially burdensome without adequate rental income.
Despite these risks, the high renter density in ZIP 99346, with a 5.3% renter share, suggests a robust demand for housing assistance programs. High renter concentration often translates into a larger pool of potential Section 8 tenants, reducing the likelihood of prolonged vacancies. Moreover, the fixed nature of Section 8 rents provides a stable income stream, mitigating some of the financial uncertainties associated with traditional rentals.
In conclusion, the combination of uncertain market conditions and strong tenant demand makes ZIP 99346 a moderate risk for first-time Section 8 landlords. While there are notable risks, the potential for consistent occupancy and income stability offers a balanced opportunity.
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.