Investor · Valparaiso, IN · Member since 2021 · 14 posts · 7 votes
I've been struggling to find a direct answer for this online elsewhere, so here it goes...
I've been looking into section 8 renting and I'm curious how rents are actually approved and configured.
I'm aware of the HUDUSER.gov datasets for FMR and have found the rental rates for the zip code I'm looking at. 1Bd = $760 2Bd = $940 3Bd = $1170
Now my main question is: Does this mean ANY two-bedroom, whether SF or MF automatically gets $940 for a two-bedroom? is this the max? average? do comps come into play?
For example, would a 2/1 apartment get the same rent as a 2/2 Single-family house?
I'm assuming not, but then how do you KNOW what rent you'll get approved for?
The question underneath all this is that I'm looking at a triplex with 2/1 units and trying to figure out what rent would be for section 8 tenants in this area.
Hope that all makes sense and appreciate ya'll in advance!
Augusta, GA · Member since 2014 · 1k+ posts · 1k+ votes
4y
Unless things have changed so called FMR is based on the number of bedrooms no matter whether this is an apartment of single family house. Bathrooms aren't considered when determining this.
Keep in mind that FMR may not be what your local Housing Authority has decided to use. In my area the HUDFMR for a 3 bedroom unit is a tad over $1100 (actually down from 2020). However, applicants with a voucher for a 3 bedroom unit are limited to $850 (and no, a landlord is not allowed to take extra money to cover the higher rent, although some get around this by renting appliances like washers and dryers...which are not a requirement that a landlord provide in this program....to the tenants for extra charges.
It is better to find the true voucher amounts for your particular area.