Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,080 |
| 1 Bedroom | $2,170 |
| 2 Bedrooms | $2,400 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,600 |
| 5 Bedrooms | $4,176 |
| 6 Bedrooms | $4,677 |
| 7 Bedrooms | $5,051 |
| 8 Bedrooms | $5,304 |
The market in ZIP 20045 presents a unique set of dynamics that can be inferred from the available snapshot of data. With a Fair Market Rent (FMR) of $1980 for the fiscal year 2024, it indicates a stable rental environment, suggesting that the area is attractive to renters who are willing to pay within this range. However, the absence of specific data points such as market rent, days on market (DOM), and median home value complicates a precise assessment of the balance between supply and demand.
The lack of information regarding the percentage of homes sold at a price cut and the DOM suggests that the market is relatively tight, with few properties being discounted and potentially quick turnover. This inference aligns with a scenario where demand may be keeping pace with or slightly exceeding supply, creating a competitive rental environment.
The N/A% renter share is a critical piece of missing information. Typically, a higher percentage of renters indicates greater long-term housing pressure, as more residents are looking for rental options rather than purchasing homes. In ZIP 20045, without this figure, we cannot definitively state the proportion of renters versus homeowners, but we can infer that if the area has a significant renter population, it will likely continue to face housing pressure as more people seek affordable rental options.
In summary, ZIP 20045 appears to be a market where demand is strong, possibly due to the affordability suggested by the FMR. The absence of specific data points leaves room for interpretation, but the overall picture points towards a market where rental properties are in high demand, and landlords can expect steady interest from potential tenants. For small-portfolio investors, this ZIP code represents an opportunity to capitalize on the rental market's stability and demand.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.