The Salem Housing Authority will lower its payment standards this month, indicating more rental units are becoming available in the area. A payment standard is the maximum amount a local housing agency can pay toward rent and utilities for participants in the Housing Choice Voucher program.

Background

For several years, rents in Salem were increasing rapidly, but within the last year, more units have become available, which has lowered the market price. The current average market rent price for a two-bedroom unit in Salem is $1,450, according to Zillow.

Aligning the payment standards will adjust clients’ rental limits so they aren’t choosing units that are at the very top of the market, which are costlier and drain more of the housing authority’s resources. The authority is currently considered “overleased” because it is spending all of the money given to it by HUD “and a little more.”

There are currently over 550 units available on Salem’s rental market, according to Zillow. This is considered a warm but not hot market, indicating higher numbers of units available to potential renters.

Original reporting: Salem Reporter — read the source article.