How many renters live in Albert City, Iowa?
The City of Albert City has 666 people living in 280 households.
There are 185 renters living in 76 renter households in this City. Renters make up 27.78 percent of the population living in Albert City.
What is the rental market like in Albert City, Iowa?
There are an estimated 302 housing units in the Albert City area. Of these, 83 units are rental homes, making up 27 percent of the housing market. For every renter household in Albert City, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Albert City?
The rental vacancy rate in Albert City is 8 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 Albert City for each bedroom size?
Occupied Rental Units by Size in Albert City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 20 | 17 | 34 | 5 |
Occupied Rental Units by Size in Albert City
A large number of apartments in Albert 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 Albert City are overburdened by housing costs?
Among renter households in this market, 5 percent have housing cost burden. Further, 3 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 Albert City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $688 to $1,212. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $688 |
| One BR | $693 |
| Two BR | $910 |
| Three BR | $1,171 |
| Four BR | $1,212 |
2024 Fair Market Rents in Albert City, Iowa
How many units are rented at Fair Market Rent (FMR) in Albert 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 |
| One BR | 16 | 80 percent |
| Two BR | 15 | 88 percent |
Rental Units Below FMR in Albert City, Iowa
How many affordable rental units are in Albert City?
Income Based Apartments in Albert City, Iowa
Albert City features 0 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 Albert City, Iowa
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albert City.
Housing Choice Vouchers in Albert City, Iowa
On average, Section 8 Housing Choice vouchers pay Albert City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Albert City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Albert City, Iowa for a two-bedroom apartment is between $819 and $1,001.
Sourced from federal housing data and AffordableHousingOnline.com research.
