How many renters live in Fairhope, Alabama?
The City of Fairhope has 22,605 people living in 8,782 households.
There are 3,391 renters living in 1,647 renter households in this City. Renters make up 15 percent of the population living in Fairhope.
What is the rental market like in Fairhope, Alabama?
There are an estimated 9,956 housing units in the Fairhope area. Of these, 1,900 units are rental homes, making up 19 percent of the housing market. For every renter household in Fairhope, Alabama, there are 1 rental units.
What is the vacancy rate for rentals in Fairhope?
The rental vacancy rate in Fairhope is 12 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 Fairhope for each bedroom size?
Occupied Rental Units by Size in Fairhope
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 25 | 389 | 416 | 650 | 167 |
Occupied Rental Units by Size in Fairhope
A large number of apartments in Fairhope 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 Fairhope are overburdened by housing costs?
Among renter households in this market, 58 percent have housing cost burden. Further, 36 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 Fairhope
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,051 to $2,114. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,051 |
| One BR | $1,056 |
| Two BR | $1,362 |
| Three BR | $1,670 |
| Four BR | $2,114 |
2024 Fair Market Rents in Fairhope, Alabama
How many units are rented at Fair Market Rent (FMR) in Fairhope?
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 | 0 | 100 percent |
| One BR | 165 | 42 percent |
| Two BR | 150 | 36 percent |
Rental Units Below FMR in Fairhope, Alabama
How many affordable rental units are in Fairhope?
There are a variety of federal affordable housing programs serving households in Fairhope, Alabama including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 90 |
| Section 8 Project-Based Rental Assistance | 140 |
| Section 811 Supportive Housing for Persons with Disabilities | 1 |
Tracked Units by Federal Program in Fairhope, Alabama
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Fairhope, Alabama
Fairhope features 140 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 Fairhope, Alabama
There are 290 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fairhope.
Housing Choice Vouchers in Fairhope, Alabama
On average, Section 8 Housing Choice vouchers pay Fairhope landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Fairhope.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fairhope, Alabama for a two-bedroom apartment is between $1,226 and $1,498.
Sourced from federal housing data and AffordableHousingOnline.com research.
