Location: Kennewick-Richland, WA | Metro: Kennewick-Richland, WA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $287,055 | 0.54% | F |
| 3BR | $2,120 | $394,174 | 0.54% | F |
| 4BR | $2,420 | $476,668 | 0.51% | F |
| 5BR | $2,807 | $512,082 | 0.55% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 99354, Richland, WA, for fiscal year 2024 is set at $1590. 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 actual rent you will receive; it's the benchmark against which the rent is determined.
In comparison, the local median rent for ZIP 99354 is $1,443, based on the Zillow Observed Rental Index (ZORI). The FMR is higher, which means that if your property meets the criteria and is deemed suitable, you could potentially receive a higher rent through the Section 8 program than what is typically charged in the market.
The 39.9% renter share indicates the portion of households in Richland that are renters. This high percentage suggests a strong demand for rental properties, including those that might participate in the Section 8 program. With such a significant number of renters, there is a good chance that your property will be occupied.
If you're looking to acquire a new property for your Section 8 rental portfolio, the median home value in Richland is around $416,567. This gives you an idea of the investment required to enter the market. However, remember that the Section 8 program has strict guidelines regarding property condition and location, so ensure that any potential property meets these standards.
Before deciding to participate in the Section 8 program with a rental in ZIP 99354, verify that the property complies with the Housing Quality Standards (HQS). These standards are designed to ensure that the housing units are safe, decent, and sanitary for tenants. Compliance with HQS is mandatory and non-negotiable for acceptance into the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.