What HUD offices serve Petoskey, Michigan?
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.
Go to the Michigan Public Housing and Low-Income Apartments Waiting Lists page for openings near Petoskey.
How many renters live in Petoskey, Michigan?
The City of Petoskey has people living in households.
There are renters living in renter households in this City. Renters make up 34.31 percent of the population living in Petoskey.
What is the rental market like in Petoskey, Michigan?
There are an estimated housing units in the Petoskey area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Petoskey, Michigan, there are 1.01 rental units.
What is the vacancy rate for rentals in Petoskey?
The rental vacancy rate in Petoskey is 1 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 Petoskey for each bedroom size?
Occupied Rental Units by Size in Petoskey
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 12 | 256 | 623 | 179 | 24 |
Occupied Rental Units by Size in Petoskey
A large number of apartments in Petoskey have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Petoskey
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $826 to $1,675. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $826 |
| One BR | $900 |
| Two BR | $1,182 |
| Three BR | $1,429 |
| Four BR | $1,675 |
2024 Fair Market Rents in Petoskey, Michigan
How many units are rented at Fair Market Rent (FMR) in Petoskey?
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 | 12 | 100 percent |
| One BR | 232 | 91 percent |
| Two BR | 459 | 74 percent |
Rental Units Below FMR in Petoskey, Michigan
How many affordable rental units are in Petoskey?
There are a variety of federal affordable housing programs serving households in Petoskey, Michigan including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in Petoskey, Michigan
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Petoskey, Michigan
Petoskey features 246 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 Petoskey, Michigan
There are 296 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Petoskey.
Housing Choice Vouchers in Petoskey, Michigan
On average, Section 8 Housing Choice vouchers pay Petoskey landlords $600 per month towards rent. The average voucher holder contributes $200 towards rent in Petoskey.
The maximum amount a voucher would pay on behalf of a low-income tenant in Petoskey, Michigan for a two-bedroom apartment is between $1,064 and $1,300.
Sourced from federal housing data and AffordableHousingOnline.com research.