Trying to get Sec 8 FMR
Management company says rent comps are ~ 1400 for a 4 bedroom in Conyers, GA. Sec 8 FMR are ~2000. Management giving me pushback saying it's still unlikely to get near that. Anything I'm missing?
FMR is going to be the most that a Sec 8 tenant will receive from the government per month. It also represents the cap for all expenses that the tenant can pay (if utilities come out to more than the estimated amount per month, the tenant will still have to pay the utilities).
That includes rent and utilities. So if you plan on getting a rent for 2,000/month and then having the tenant paying utilities, this will not happen. If the tenant pays utilities, you will have to account for the money from that 2k that the government is giving the tenants to pay for utilities. This may look like: 50 for water, 75 for sewer, 50 for trash, 100 for heating, 200 for electric, etc. Subtract those costs and you still may be getting more than 1400/month, but the trade offs for the higher rents are going to be much stricter regulations, more inspections, and required maintenance to the property.
The way you can figure out these utility costs is by contacting the local Public Housing Authority and requesting the breakdown of utility expenses for Sec 8 tenants
