How many renters live in Madison, Florida?
The City of Madison has people living in households.
There are renters living in renter households in this City. Renters make up 49.52 percent of the population living in Madison.
What is the rental market like in Madison, Florida?
There are an estimated housing units in the Madison area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Madison, Florida, there are 1.07 rental units.
What is the vacancy rate for rentals in Madison?
The rental vacancy rate in Madison is 7 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 Madison for each bedroom size?
Occupied Rental Units by Size in Madison
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 79 | 41 | 305 | 220 | 0 |
Occupied Rental Units by Size in Madison
A large number of apartments in Madison have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Madison
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $736 to $1,481. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $736 |
| One BR | $778 |
| Two BR | $905 |
| Three BR | $1,156 |
| Four BR | $1,481 |
2024 Fair Market Rents in Madison, Florida
How many units are rented at Fair Market Rent (FMR) in Madison?
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 | 69 | 87 percent |
| One BR | 30 | 73 percent |
| Two BR | 174 | 57 percent |
Rental Units Below FMR in Madison, Florida
How many affordable rental units are in Madison?
There are a variety of federal affordable housing programs serving households in Madison, Florida including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Section 8 Project-Based Rental Assistance | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Madison, Florida
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Madison, Florida
Madison features 233 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 Madison, Florida
There are 84 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Madison.
Housing Choice Vouchers in Madison, Florida
On average, Section 8 Housing Choice vouchers pay Madison landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Madison.
The maximum amount a voucher would pay on behalf of a low-income tenant in Madison, Florida for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
