How many renters live in Montrose, Iowa?
The City of Montrose has 706 people living in 308 households.
There are 63 renters living in 33 renter households in this City. Renters make up 8.92 percent of the population living in Montrose.
What is the rental market like in Montrose, Iowa?
There are an estimated 352 housing units in the Montrose area. Of these, 33 units are rental homes, making up 9 percent of the housing market. For every renter household in Montrose, Iowa, there are 1 rental units.
What is the vacancy rate for rentals in Montrose?
The rental vacancy rate in Montrose is 0 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 Montrose for each bedroom size?
Occupied Rental Units by Size in Montrose
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 12 | 4 | 15 | 2 |
Occupied Rental Units by Size in Montrose
A large number of apartments in Montrose 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 Montrose are overburdened by housing costs?
Among renter households in this market, 36 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 Montrose
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $598 to $1,207. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $598 |
| One BR | $672 |
| Two BR | $882 |
| Three BR | $1,185 |
| Four BR | $1,207 |
2024 Fair Market Rents in Montrose, Iowa
How many units are rented at Fair Market Rent (FMR) in Montrose?
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 | 12 | 100 percent |
| Two BR | 2 | 50 percent |
Rental Units Below FMR in Montrose, Iowa
How many affordable rental units are in Montrose?
There are a variety of federal affordable housing programs serving households in Montrose, Iowa including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 16 |
| USDA Section 515 Rural Rental Housing | 16 |
Tracked Units by Federal Program in Montrose, Iowa
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Montrose, Iowa
Montrose features 16 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 Montrose, Iowa
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Montrose.
Housing Choice Vouchers in Montrose, Iowa
On average, Section 8 Housing Choice vouchers pay Montrose landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Montrose.
The maximum amount a voucher would pay on behalf of a low-income tenant in Montrose, Iowa for a two-bedroom apartment is between $794 and $970.
Sourced from federal housing data and AffordableHousingOnline.com research.
