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

Novi, MI 48377'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 48377 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 $900 to a high of $1,100, with an average of $1,000.
One-bedroom: One-bedroom rental prices vary, with a minimum of $999, a maximum of $1,221, and an average of $1,110.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,260, peaking at a maximum of $1,540, and averaging at $1,400.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,557, a maximum of $1,903, and an average of $1,730.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,674 to a maximum of $2,046, with an average of $1,860.

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 Novi, MI 48377 Low Rent (90%) $900 $999 $1,260 $1,557 $1,674
Average Rent $1,000 $1,110 $1,400 $1,730 $1,860
High Rent(110%) $1,100 $1,221 $1,540 $1,903 $2,046
2023 Novi, MI 48377 Low Rent (90%) $819 $918 $1,170 $1,458 $1,575
Average Rent $910 $1,020 $1,300 $1,620 $1,750
High Rent (110%) $1,001 $1,122 $1,430 $1,782 $1,925
2022 Novi, MI 48377 Low Rent (90%) $684 $792 $1,017 $1,287 $1,386
Average Rent $760 $880 $1,130 $1,430 $1,540
High Rent(110%) $836 $968 $1,243 $1,573 $1,694
2021 Novi, MI 48377 Low Rent (90%) $648 $765 $972 $1,242 $1,350
Average Rent $720 $850 $1,080 $1,380 $1,500
High Rent (110%) $792 $935 $1,188 $1,518 $1,650
2020 Novi, MI 48377 Low Rent (90%) $585 $702 $900 $1,170 $1,269
Average Rent $650 $780 $1,000 $1,300 $1,410
High Rent(110%) $715 $858 $1,100 $1,430 $1,551
2019 Novi, MI 48377 Low Rent (90%) $567 $684 $882 $1,152 $1,251
Average Rent $630 $760 $980 $1,280 $1,390
High Rent (110%) $693 $836 $1,078 $1,408 $1,529


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