The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Lake Orion, MI 48362's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 48362 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $819 to a high of $1,001, with an average of $910.
One-bedroom: One-bedroom rental prices vary, with a minimum of $909, a maximum of $1,111, and an average of $1,010.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,152, peaking at a maximum of $1,408, and averaging at $1,280.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,422, a maximum of $1,738, and an average of $1,580.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,530 to a maximum of $1,870, with an average of $1,700.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Lake Orion, MI 48362 Low Rent (90%) $819 $909 $1,152 $1,422 $1,530
Average Rent $910 $1,010 $1,280 $1,580 $1,700
High Rent(110%) $1,001 $1,111 $1,408 $1,738 $1,870
2023 Lake Orion, MI 48362 Low Rent (90%) $756 $855 $1,089 $1,359 $1,467
Average Rent $840 $950 $1,210 $1,510 $1,630
High Rent (110%) $924 $1,045 $1,331 $1,661 $1,793
2022 Lake Orion, MI 48362 Low Rent (90%) $675 $783 $999 $1,260 $1,359
Average Rent $750 $870 $1,110 $1,400 $1,510
High Rent(110%) $825 $957 $1,221 $1,540 $1,661
2021 Lake Orion, MI 48362 Low Rent (90%) $657 $774 $990 $1,269 $1,377
Average Rent $730 $860 $1,100 $1,410 $1,530
High Rent (110%) $803 $946 $1,210 $1,551 $1,683
2020 Lake Orion, MI 48362 Low Rent (90%) $612 $729 $936 $1,215 $1,314
Average Rent $680 $810 $1,040 $1,350 $1,460
High Rent(110%) $748 $891 $1,144 $1,485 $1,606
2019 Lake Orion, MI 48362 Low Rent (90%) $594 $711 $918 $1,197 $1,305
Average Rent $660 $790 $1,020 $1,330 $1,450
High Rent (110%) $726 $869 $1,122 $1,463 $1,595


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