Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,390 |
| 1 Bedroom | $2,500 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,140 |
| 5 Bedrooms | $4,802 |
| 6 Bedrooms | $5,378 |
| 7 Bedrooms | $5,808 |
| 8 Bedrooms | $6,098 |
The Fair Market Rent (FMR) for ZIP code 20101 in Unknown, DC, for fiscal year 2024 is set at $2240. This figure represents the payment standard for Section 8 vouchers, which is the maximum amount that the government will pay on behalf of eligible tenants. It does not represent the total rent you can charge; rather, it's the benchmark for voucher payments.
In ZIP 20101, the local market rent is currently listed as N/A, which means there isn't enough data to provide an exact figure. However, the percentage of renters in the area who rely on housing assistance, such as Section 8, is N/A%. This indicates that there is a significant demand for affordable housing options, making Section 8 rentals potentially lucrative if managed correctly.
The acquisition cost for properties in this area is also listed as N/A, suggesting that while there might be opportunities to acquire a property suitable for Section 8 tenants, the exact cost would need to be determined through market research. Landlords should consider the FMR when setting their rent, ensuring that the tenant's portion plus the voucher payment equals or slightly exceeds the FMR to maintain profitability.
To succeed with a Section 8 rental, one critical step is to verify the condition of the property against HUD's Housing Quality Standards (HQS). These standards ensure that the home meets basic safety and habitability requirements before it can be leased under the Section 8 program. While the specifics can vary, it generally involves checking for issues such as lead paint, pest infestations, and structural problems.
In summary, the FMR of $2240 for ZIP 20101 sets the baseline for government contributions towards rent. Given the high reliance on housing assistance by local renters, there is a strong potential for demand. Before finalizing your decision, make sure your property meets the necessary HQS to avoid delays and ensure compliance with the program.
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.