Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,860 |
| 1 Bedroom | $1,940 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
The Fair Market Rent (FMR) for ZIP code 20738 in Washington, DC, for fiscal year 2024 is set at $1780. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay to cover a tenant's rent under the Section 8 housing choice voucher program. It does not reflect the actual rent you can charge your tenants.
To put this into perspective, the local market rent in ZIP 20738 is currently listed as N/A, which makes direct comparison challenging. However, the FMR serves as an important benchmark for landlords participating in Section 8. If your property's rent exceeds $1780, you may need to consider reducing it to align with HUD's standards, or risk not being able to attract tenants with vouchers.
The percentage of renters in the area is N/A%, indicating a significant portion of the population relies on rental properties. This suggests a steady demand for rental units, including those that accept Section 8 vouchers. While the exact percentage is unknown, it implies a substantial number of potential tenants who might be looking for affordable housing options.
In terms of acquiring a property in ZIP 20738, the median home value is N/A. This can help you estimate the initial investment required to enter the market. Although the precise value is not available, it's crucial to ensure that the property's value and condition justify the FMR cap when determining whether to proceed with a Section 8 rental.
Before committing to a Section 8 rental, verify that your property meets all the necessary quality and safety standards as defined by HUD. This includes passing regular inspections to maintain eligibility for the program. Ensuring compliance with these requirements will help avoid any issues that could disrupt your participation in the Section 8 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.