What HUD offices serve Monterey, Tennessee?
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 Tennessee Public Housing and Low-Income Apartments Waiting Lists page for openings near Monterey.
How many renters live in Monterey, Tennessee?
The City of Monterey has people living in households.
There are renters living in renter households in this City. Renters make up 60.12 percent of the population living in Monterey.
What is the rental market like in Monterey, Tennessee?
There are an estimated housing units in the Monterey area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Monterey, Tennessee, there are 1.08 rental units.
What is the vacancy rate for rentals in Monterey?
The rental vacancy rate in Monterey is 7 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 Monterey for each bedroom size?
Occupied Rental Units by Size in Monterey
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 9 | 75 | 221 | 108 | 43 |
Occupied Rental Units by Size in Monterey
A large number of apartments in Monterey 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 Monterey
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $760 to $1,578. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $760 |
| One BR | $764 |
| Two BR | $991 |
| Three BR | $1,368 |
| Four BR | $1,578 |
2024 Fair Market Rents in Monterey, Tennessee
How many units are rented at Fair Market Rent (FMR) in Monterey?
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 | 4 | 44 percent |
| One BR | 52 | 69 percent |
| Two BR | 160 | 72 percent |
Rental Units Below FMR in Monterey, Tennessee
How many affordable rental units are in Monterey?
There are a variety of federal affordable housing programs serving households in Monterey, Tennessee including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 202 Supportive Housing for the Elderly | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Monterey, Tennessee
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Monterey, Tennessee
Monterey features 58 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 Monterey, Tennessee
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monterey.
Housing Choice Vouchers in Monterey, Tennessee
On average, Section 8 Housing Choice vouchers pay Monterey landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Monterey.
The maximum amount a voucher would pay on behalf of a low-income tenant in Monterey, Tennessee for a two-bedroom apartment is between $892 and $1,090.
Sourced from federal housing data and AffordableHousingOnline.com research.