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

Walled Lake, MI 48390'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 48390 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 $1,080 to a high of $1,320, with an average of $1,200.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,197, a maximum of $1,463, and an average of $1,330.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,512, peaking at a maximum of $1,848, and averaging at $1,680.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,872, a maximum of $2,288, and an average of $2,080.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,016 to a maximum of $2,464, with an average of $2,240.

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 Walled Lake, MI 48390 Low Rent (90%) $1,080 $1,197 $1,512 $1,872 $2,016
Average Rent $1,200 $1,330 $1,680 $2,080 $2,240
High Rent(110%) $1,320 $1,463 $1,848 $2,288 $2,464
2023 Walled Lake, MI 48390 Low Rent (90%) $963 $1,080 $1,377 $1,719 $1,854
Average Rent $1,070 $1,200 $1,530 $1,910 $2,060
High Rent (110%) $1,177 $1,320 $1,683 $2,101 $2,266
2022 Walled Lake, MI 48390 Low Rent (90%) $801 $927 $1,188 $1,503 $1,611
Average Rent $890 $1,030 $1,320 $1,670 $1,790
High Rent(110%) $979 $1,133 $1,452 $1,837 $1,969
2021 Walled Lake, MI 48390 Low Rent (90%) $756 $891 $1,143 $1,467 $1,593
Average Rent $840 $990 $1,270 $1,630 $1,770
High Rent (110%) $924 $1,089 $1,397 $1,793 $1,947
2020 Walled Lake, MI 48390 Low Rent (90%) $702 $846 $1,080 $1,395 $1,521
Average Rent $780 $940 $1,200 $1,550 $1,690
High Rent(110%) $858 $1,034 $1,320 $1,705 $1,859
2019 Walled Lake, MI 48390 Low Rent (90%) $684 $828 $1,062 $1,386 $1,503
Average Rent $760 $920 $1,180 $1,540 $1,670
High Rent (110%) $836 $1,012 $1,298 $1,694 $1,837


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