How many renters live in Springville, Alabama?
The City of Springville has 4,824 people living in 1,871 households.
There are 388 renters living in 223 renter households in this City. Renters make up 8.04 percent of the population living in Springville.
What is the rental market like in Springville, Alabama?
There are an estimated 1,994 housing units in the Springville area. Of these, 278 units are rental homes, making up 14 percent of the housing market. For every renter household in Springville, Alabama, there are 1 rental units.
What is the vacancy rate for rentals in Springville?
The rental vacancy rate in Springville is 20 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 Springville for each bedroom size?
Occupied Rental Units by Size in Springville
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 97 | 72 | 44 | 10 |
Occupied Rental Units by Size in Springville
A large number of apartments in Springville 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 Springville are overburdened by housing costs?
Among renter households in this market, 32 percent have housing cost burden. Further, 24 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 Springville
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 Springville, Alabama
How many units are rented at Fair Market Rent (FMR) in Springville?
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 |
| One BR | 97 | 100 percent |
| Two BR | 27 | 38 percent |
Rental Units Below FMR in Springville, Alabama
How many affordable rental units are in Springville?
There are a variety of federal affordable housing programs serving households in Springville, Alabama including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 24 |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Springville, Alabama
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Springville, Alabama
Springville features 24 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 Springville, Alabama
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Springville.
Housing Choice Vouchers in Springville, Alabama
On average, Section 8 Housing Choice vouchers pay Springville landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Springville.
The maximum amount a voucher would pay on behalf of a low-income tenant in Springville, Alabama for a two-bedroom apartment is between $1,121 and $1,370.
Sourced from federal housing data and AffordableHousingOnline.com research.
