What HUD offices serve Sheridan, Montana?
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 Montana Public Housing and Low-Income Apartments Waiting Lists page for openings near Sheridan.
How many renters live in Sheridan, Montana?
The City of Sheridan has 867 people living in 369 households.
There are 77 renters living in 50 renter households in this City. Renters make up 8.88 percent of the population living in Sheridan.
What is the rental market like in Sheridan, Montana?
There are an estimated 396 housing units in the Sheridan area. Of these, 50 units are rental homes, making up 13 percent of the housing market. For every renter household in Sheridan, Montana, there are 1 rental units.
What is the vacancy rate for rentals in Sheridan?
The rental vacancy rate in Sheridan 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 Sheridan for each bedroom size?
Occupied Rental Units by Size in Sheridan
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 16 | 8 | 19 | 7 |
Occupied Rental Units by Size in Sheridan
A large number of apartments in Sheridan 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 Sheridan are overburdened by housing costs?
Among renter households in this market, 26 percent have housing cost burden. Further, 14 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 Sheridan
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $777 to $1,611. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $777 |
| One BR | $795 |
| Two BR | $1,023 |
| Three BR | $1,237 |
| Four BR | $1,611 |
2024 Fair Market Rents in Sheridan, Montana
How many units are rented at Fair Market Rent (FMR) in Sheridan?
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 | 100 percent |
| Two BR | 3 | 38 percent |
Rental Units Below FMR in Sheridan, Montana
How many affordable rental units are in Sheridan?
There are a variety of federal affordable housing programs serving households in Sheridan, Montana including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Sheridan, Montana
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Sheridan, Montana
Sheridan features 12 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 Sheridan, Montana
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sheridan.
Housing Choice Vouchers in Sheridan, Montana
On average, Section 8 Housing Choice vouchers pay Sheridan landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Sheridan.
The maximum amount a voucher would pay on behalf of a low-income tenant in Sheridan, Montana for a two-bedroom apartment is between $921 and $1,125.
Sourced from federal housing data and AffordableHousingOnline.com research.
