Low Income Apartments and Affordable Housing For Rent in Malvern, IA

Discover affordable housing in Malvern where there are 1+ 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.

Malvern Village

306 Lincoln Ave, Malvern, Iowa 51551

Open Until Further Notice

Reported On February 23rd, 2024 by Nathan Brunet

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Malvern, Iowa
$22.16/hour
$14.91 (+206%) more than Iowa minimum wage and $14.91 (+206%) more than the Federal minimum wage.
Learn More About Malvern, Iowa Affordable Housing ↓

What HUD offices serve Malvern, Iowa?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Malvern, Iowa.

Go to the Iowa Public Housing and Low-Income Apartments Waiting Lists page for openings near Malvern.

How many renters live in Malvern, Iowa?

The City of Malvern has 1,264 people living in 450 households.

There are 243 renters living in 104 renter households in this City. Renters make up 19.22 percent of the population living in Malvern.

What is the rental market like in Malvern, Iowa?

There are an estimated 518 housing units in the Malvern area. Of these, 111 units are rental homes, making up 21 percent of the housing market. For every renter household in Malvern, Iowa, there are 1 rental units.

What is the vacancy rate for rentals in Malvern?

The rental vacancy rate in Malvern 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 Malvern for each bedroom size?

Occupied Rental Units by Size in Malvern
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 44 35 10 15
Occupied Rental Units by Size in Malvern

A large number of apartments in Malvern 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 Malvern are overburdened by housing costs?

Among renter households in this market, 16 percent have housing cost burden. Further, 13 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 Malvern

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $895 to $1,733. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $895
One BR $971
Two BR $1,170
Three BR $1,562
Four BR $1,733
2024 Fair Market Rents in Malvern, Iowa

How many units are rented at Fair Market Rent (FMR) in Malvern?

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 37 84 percent
Two BR 21 60 percent
Rental Units Below FMR in Malvern, Iowa

How many affordable rental units are in Malvern?

There are a variety of federal affordable housing programs serving households in Malvern, Iowa including the following:

Federal Program Unit Count
Public Housing 20
Tracked Units by Federal Program in Malvern, Iowa

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

Income Based Apartments in Malvern, Iowa

Malvern features 20 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 Malvern, Iowa

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Malvern.

Housing Choice Vouchers in Malvern, Iowa

On average, Section 8 Housing Choice vouchers pay Malvern landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Malvern.

The maximum amount a voucher would pay on behalf of a low-income tenant in Malvern, Iowa for a two-bedroom apartment is between $1,053 and $1,287.

Sourced from federal housing data and AffordableHousingOnline.com research.