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 Fair Market Rent (FMR) for ZIP code 20376 in Washington, D.C., for fiscal year 2024 is set at $1980. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is not the actual rent you will receive; it's the ceiling price for rent subsidies.
The FMR is used by the U.S. Department of Housing and Urban Development (HUD) to determine the payment standard for housing vouchers. If your property's rent exceeds $1980, tenants must pay the difference out-of-pocket. Conversely, if your rent is below this amount, the tenant might have additional money to cover utilities or other living expenses.
In ZIP 20376, the local median rent is currently listed as N/A, which makes direct comparisons challenging. However, the percentage of renters in the area who would qualify for Section 8 assistance is N/A%. This indicates the potential demand for subsidized housing in the area. Landlords should consider this share when estimating the likelihood of finding tenants through the program.
The average home value in the area is also listed as N/A. This can be an indicator of the typical acquisition cost for properties in ZIP 20376. When acquiring a new rental property, ensure that the purchase price aligns with the potential rental income, factoring in the FMR and any necessary renovations to meet Section 8 standards.
Before proceeding with a Section 8 rental, verify that your property meets all local housing quality standards (HQS). These standards are designed to ensure that rental units are safe, decent, and sanitary. Non-compliance can result in reduced payments or termination of the lease agreement.
By understanding the FMR and ensuring your property meets the necessary criteria, you can make a well-informed decision about participating in the Section 8 program in ZIP 20376.
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.