Fair Market Rent tool - Posted by Steve-WA

Posted by Tony Colella on May 20, 2007 at 19:36:04:


Fair Market Rent tool - Posted by Steve-WA

Posted by Steve-WA on May 19, 2007 at 21:24:24:


I am under the 2005 rates - pretty good tool to evaluate your market rents, for renting, or for setting payment amounts for your Lonnie Deals

Careful - Posted by Tony Colella

Posted by Tony Colella on May 19, 2007 at 22:36:54:

The same type of info is used on the section 8, socialserve.com site that many states use to list rentals for section 8 and other prospective tenants.

It has been my experience that mobile homes never, ever receive the full amount. The site lists rates up to 125% (if I recall from my last viewing) which compounds the error.

Steve you may be at the 2005 rate but still be at true FMV for mobiles.

Nothing substitutes for truly just knowing one’s market.

This does not mean you shouldn’t ask for higher rates but section 8 and will adjust them not only by the home but as we discuss in our section 8 material, the rate is set by the tenant’s benefit.

Each tenant has different allotments that include not only rent but utilities. No matter what we ask, the inspector and section 8 will determine what they will pay (that’s why even the voucher amount is not entirely accurate).

We also run into even great confusion when section 8 qualifies a tenant for a 1 bedroom but allows them to look for homes with more bedrooms. They often apply for our 2 bedroom homes but then section 8 increases the utility costs (despite the fact that the small second bedroom will cost no more to heat and no one else will be living in it using other utilities).

Section 8 then comes back with even a lower amount on the 2 bedroom for this tenant but would have given more for a tenant with a 2 bedroom voucher.

Long story short, your same home can get a different rent rate from different tenants from section 8 (HUD). There is no one rate or one written accurate estimate that I believe can be counted upon.

Just food for thought.


tools we can use - Posted by Marty (MO)

Posted by Marty (MO) on May 19, 2007 at 21:33:59:


You’re Right Tony! - Posted by Don-NY

Posted by Don-NY on May 21, 2007 at 06:06:58:

In my area the 2005 table is $824 for a 3br and yesterday a woman from housing told me that a 3 br is only allowed 700! We are replacing a 1967 12x55 3br renting @ $700 sec 8, with a brand new 28x52 3 br. Not exactly an apples to apples replacement! So the numbers are all over the place. Remember folks, we are dealing with public employees.

Section 8 info - Posted by Glen (OH)

Posted by Glen (OH) on May 20, 2007 at 13:01:43:

Do you go in depth on section 8 housing in your Landlording course?

Glen (OH)