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

Otter Lake, MI 48464'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 48464 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 $693 to a high of $847, with an average of $770.
One-bedroom: One-bedroom rental prices vary, with a minimum of $774, a maximum of $946, and an average of $860.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $990, peaking at a maximum of $1,210, and averaging at $1,100.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,224, a maximum of $1,496, and an average of $1,360.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,323 to a maximum of $1,617, with an average of $1,470.

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 Otter Lake, MI 48464 Low Rent (90%) $693 $774 $990 $1,224 $1,323
Average Rent $770 $860 $1,100 $1,360 $1,470
High Rent(110%) $847 $946 $1,210 $1,496 $1,617
2024 Otter Lake, MI 48464 Low Rent (90%) $693 $774 $990 $1,224 $1,323
Average Rent $770 $860 $1,100 $1,360 $1,470
High Rent (110%) $847 $946 $1,210 $1,496 $1,617
2023 Otter Lake, MI 48464 Low Rent (90%) $630 $711 $900 $1,125 $1,215
Average Rent $700 $790 $1,000 $1,250 $1,350
High Rent(110%) $770 $869 $1,100 $1,375 $1,485
2022 Otter Lake, MI 48464 Low Rent (90%) $612 $711 $900 $1,143 $1,233
Average Rent $680 $790 $1,000 $1,270 $1,370
High Rent (110%) $748 $869 $1,100 $1,397 $1,507
2021 Otter Lake, MI 48464 Low Rent (90%) $603 $711 $900 $1,161 $1,251
Average Rent $670 $790 $1,000 $1,290 $1,390
High Rent(110%) $737 $869 $1,100 $1,419 $1,529
2020 Otter Lake, MI 48464 Low Rent (90%) $504 $612 $792 $1,026 $1,116
Average Rent $560 $680 $880 $1,140 $1,240
High Rent (110%) $616 $748 $968 $1,254 $1,364
2019 Otter Lake, MI 48464 Low Rent (90%) $486 $594 $765 $1,008 $1,089
Average Rent $540 $660 $850 $1,120 $1,210
High Rent(110%) $594 $726 $935 $1,232 $1,331


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