Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,240 |
| 1 Bedroom | $2,340 |
| 2 Bedrooms | $2,590 |
| 3 Bedrooms | $3,300 |
| 4 Bedrooms | $3,890 |
| 5 Bedrooms | $4,512 |
| 6 Bedrooms | $5,053 |
| 7 Bedrooms | $5,457 |
| 8 Bedrooms | $5,730 |
The Fair Market Rent (FMR) for ZIP code 20113 in Washington, D.C., for fiscal year 2024 is set at $2070. This figure represents the payment standard for Section 8 vouchers in your area, meaning that if you choose to participate in the program, you will receive a monthly rental assistance payment up to this amount. It's important to note that this is not the rent you can charge tenants; it's the maximum reimbursement you can receive from the government.
To put this into perspective, let's compare it to the average market rent in the same area. The average rent for ZIP 20113 is currently N/A, which means that the FMR of $2070 could be slightly below or above the typical rent levels depending on the specific property type and condition. If the average rent is higher, you might have to accept a lower profit margin or consider upgrading the property to justify a higher rent. Conversely, if the average rent is lower, the FMR could provide a stable income source even during economic downturns.
The N/A% of renters in ZIP 20113 who rely on housing assistance signals a strong demand for affordable housing. This percentage indicates the proportion of renters in your area who need financial help to afford housing, making Section 8 a viable option for filling vacancies and ensuring consistent occupancy.
When acquiring a property for Section 8, the typical price range is N/A. This figure should guide your investment decisions. Ensure that the potential rental income, combined with the Section 8 subsidy, covers your mortgage payments, maintenance costs, and other expenses associated with owning and managing a rental property.
Before you decide to become a Section 8 landlord, verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for tenants. Compliance with HQS is mandatory for acceptance into the program, so checking this upfront will save you time and effort.
In conclusion, the FMR of $2070 offers a clear benchmark for the rental assistance you can expect in ZIP 20113. Given the local demand for affordable housing and the typical property prices, participating in Section 8 can be a strategic move for securing long-term tenants and maintaining steady cash flow. Just remember to confirm that your property complies with HQS requirements before proceeding.
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.