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 code 20541, located in Washington D.C., is characterized by a Federal Market Rent (FMR) of $1980 for fiscal year 2024. This figure serves as a benchmark for rental costs in the area, particularly for those involved in Section 8 housing programs. The absence of reported market rent suggests that either the data is not widely available or the local rental market is tightly controlled, possibly aligning closely with the FMR.
The lack of detailed metrics such as price-cut share, days on market (DOM), and median home value indicates a limited dataset, which can make it challenging to assess the precise balance between supply and demand. However, given the FMR alone, we can infer that the rental market might be experiencing steady demand, as there is a set rate that guides what tenants can afford. If the market rent were significantly higher than the FMR, it would suggest a tight rental market with strong demand and limited supply. Conversely, if market rents were lower, it could indicate a surplus of rental units, leading to increased competition among landlords.
The missing percentage of renter share also poses questions about the long-term housing pressures in the area. Typically, a high renter share can imply sustained pressure on rental properties, potentially leading to higher rents over time. An unknown or non-reported renter share leaves the analysis incomplete but still points to the importance of understanding the proportion of renters versus homeowners. In areas where renters comprise a significant portion of the population, there is often a continuous need for affordable housing solutions, making the FMR a critical indicator.
In summary, ZIP 20541 presents a market where the official guidance through the FMR is clear, setting a standard for rental rates. The unavailability of other key metrics complicates a full assessment of the supply-demand dynamics and long-term housing trends, highlighting the need for comprehensive data to fully understand the rental market's behavior.
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.