Low Income Apartments and Affordable Housing For Rent in Kenai Peninsula Borough, AK

Discover affordable housing in Kenai Peninsula Borough where there are 20+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Kenai Peninsula Borough, Alaska
$12.91 (+110%) more than Alaska minimum wage and $17.39 (+240%) more than the Federal minimum wage.
Learn More About Kenai Peninsula Borough, Alaska Affordable Housing ↓

How many renters live in Kenai Peninsula Borough, Alaska?

The County of Kenai Peninsula Borough has 59,235 people living in 23,201 households.

There are 12,744 renters living in 5,393 renter households in this County. Renters make up 21.51 percent of the population living in Kenai Peninsula Borough.

What is the rental market like in Kenai Peninsula Borough, Alaska?

There are an estimated 32,567 housing units in the Kenai Peninsula Borough area. Of these, 5,821 units are rental homes, making up 18 percent of the housing market. For every renter household in Kenai Peninsula Borough, Alaska, there are 1 rental units.

What is the vacancy rate for rentals in Kenai Peninsula Borough?

The rental vacancy rate in Kenai Peninsula Borough is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Kenai Peninsula Borough for each bedroom size?

Occupied Rental Units by Size in Kenai Peninsula Borough
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
289 1,108 2,198 1,512 212
Occupied Rental Units by Size in Kenai Peninsula Borough

A large number of apartments in Kenai Peninsula Borough 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 Kenai Peninsula Borough are overburdened by housing costs?

Among renter households in this market, 42 percent have housing cost burden. Further, 19 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 Kenai Peninsula Borough

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $984 to $2,090. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $984
One BR $990
Two BR $1,301
Three BR $1,833
Four BR $2,090
2024 Fair Market Rents in Kenai Peninsula Borough, Alaska

How many units are rented at Fair Market Rent (FMR) in Kenai Peninsula Borough?

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 161 56 percent
One BR 698 63 percent
Two BR 1,280 58 percent
Rental Units Below FMR in Kenai Peninsula Borough, Alaska

How many affordable rental units are in Kenai Peninsula Borough?

There are a variety of federal affordable housing programs serving households in Kenai Peninsula Borough, Alaska including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 275
Section 8 Project-Based Rental Assistance 89
Section 811 Supportive Housing for Persons with Disabilities 13
USDA Section 515 Rural Rental Housing 262
Tracked Units by Federal Program in Kenai Peninsula Borough, Alaska

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Kenai Peninsula Borough, Alaska

Kenai Peninsula Borough features 364 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 Kenai Peninsula Borough, Alaska

There are 70 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Kenai Peninsula Borough.

Housing Choice Vouchers in Kenai Peninsula Borough, Alaska

On average, Section 8 Housing Choice vouchers pay Kenai Peninsula Borough landlords $700 per month towards rent. The average voucher holder contributes $500 towards rent in Kenai Peninsula Borough.

The maximum amount a voucher would pay on behalf of a low-income tenant in Kenai Peninsula Borough, Alaska for a two-bedroom apartment is between $1,171 and $1,431.

Sourced from federal housing data and AffordableHousingOnline.com research.