Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,100 |
| 1 Bedroom | $2,200 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,650 |
| 5 Bedrooms | $4,234 |
| 6 Bedrooms | $4,742 |
| 7 Bedrooms | $5,121 |
| 8 Bedrooms | $5,377 |
The market in ZIP 20156, located in Washington D.C., presents a dynamic scenario that can be inferred from the available snapshot data. The Fair Market Rent (FMR) for the area is set at $2040 for fiscal year 2024, which provides a benchmark for rental properties in the area.
A notable absence in the data is the current market rent figure, indicating that there might be limited recent data or variability in the rental market that makes it difficult to pinpoint an exact average. This could suggest either a lack of significant rental activity or a rapidly changing market where rents fluctuate frequently.
The percentage of price-cut share and the days on market (DOM) are also not provided, which typically would give insight into how quickly properties are selling and whether sellers are having to reduce their asking prices to attract buyers. However, without these figures, we cannot definitively state if supply is outpacing demand or vice versa. The lack of such information leaves room for speculation but also underscores the need for more detailed market analysis to fully understand the current dynamics.
The median home value is not specified, which means that there is no clear indication of how property values are performing relative to the FMR. This could mean that the area is experiencing a stable market with consistent property values, or it could reflect a lack of recent sales data to calculate a median value accurately.
ZIP 20156's undefined percentage of renters suggests that the long-term housing pressure is ambiguous. In many markets, a high renter share indicates potential long-term pressure due to limited homeownership opportunities or affordability issues. Conversely, a low renter share might point towards a more stable market with a higher rate of homeownership. The absence of this data point means that landlords and investors must rely on other indicators to gauge the stability and future direction of the rental market.
In summary, ZIP 20156 appears to be a market characterized by limited data points, making it challenging to ascertain the exact balance between supply and demand. The defined FMR offers a starting point for understanding rental pricing, while the undefined market rent, price-cut share, DOM, and median home value suggest a market that is either evolving rapidly or has insufficient recent data to provide a complete picture. Landlords and small-portfolio investors should remain vigilant and adapt to the changing landscape, using the FMR as a guidepost amidst the ambiguity.
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.