How many renters live in Rainbow City, Alabama?
The City of Rainbow City has 10,184 people living in 3,908 households.
There are 3,271 renters living in 1,423 renter households in this City. Renters make up 32.12 percent of the population living in Rainbow City.
What is the rental market like in Rainbow City, Alabama?
There are an estimated 4,524 housing units in the Rainbow City area. Of these, 1,584 units are rental homes, making up 35 percent of the housing market. For every renter household in Rainbow City, Alabama, there are 1 rental units.
What is the vacancy rate for rentals in Rainbow City?
The rental vacancy rate in Rainbow City is 10 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Rainbow City for each bedroom size?
Occupied Rental Units by Size in Rainbow City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 4 | 200 | 730 | 373 | 116 |
Occupied Rental Units by Size in Rainbow City
A large number of apartments in Rainbow City have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Rainbow City are overburdened by housing costs?
Among renter households in this market, 55 percent have housing cost burden. Further, 26 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Rainbow City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $637 to $1,252. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $637 |
| One BR | $817 |
| Two BR | $940 |
| Three BR | $1,170 |
| Four BR | $1,252 |
2024 Fair Market Rents in Rainbow City, Alabama
How many units are rented at Fair Market Rent (FMR) in Rainbow City?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 2 | 50 percent |
| One BR | 146 | 73 percent |
| Two BR | 337 | 46 percent |
Rental Units Below FMR in Rainbow City, Alabama
How many affordable rental units are in Rainbow City?
There are a variety of federal affordable housing programs serving households in Rainbow City, Alabama including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 144 |
| Section 8 Project-Based Rental Assistance | 132 |
Tracked Units by Federal Program in Rainbow City, Alabama
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Rainbow City, Alabama
Rainbow City features 152 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Rainbow City, Alabama
There are 148 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Rainbow City.
Housing Choice Vouchers in Rainbow City, Alabama
On average, Section 8 Housing Choice vouchers pay Rainbow City landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Rainbow City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Rainbow City, Alabama for a two-bedroom apartment is between $846 and $1,034.
Sourced from federal housing data and AffordableHousingOnline.com research.
