Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,140 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
The ZIP code 20891 in Washington D.C. is characterized by a high concentration of renters, though specific population and percentage figures are currently unavailable. This suggests a robust demand for rental housing, likely including a significant number of Section 8 voucher holders. Median household income data is also not available, but it is crucial for understanding the financial landscape.
To assess the rental market dynamics, consider the typical market rents against the Fair Market Rent (FMR) set at $2100 for fiscal year 2024. While exact local rent figures are not provided, if we assume that the typical market rent is lower than the FMR, then a larger portion of local incomes would be allocated towards rent, indicating a potentially challenging environment for landlords seeking to maximize profits. However, if the typical market rent is close to or exceeds the FMR, it implies that landlords can charge closer to the maximum allowable rent under Section 8 guidelines, thus maintaining a competitive edge in the rental market.
In terms of tenant profiles, landlords in ZIP 20891 should anticipate a mix of low-income individuals and families who rely on Section 8 vouchers to afford housing. These tenants will have strict income limits and may require additional support in managing their finances and adhering to lease agreements. It's important for landlords to establish clear expectations and maintain thorough documentation to ensure compliance with HUD regulations.
Given the lack of precise income data, landlords must rely on the FMR as a guideline for setting rents. They should also be prepared for a higher turnover rate typical in areas with a large share of subsidized housing. Tenants may move frequently as their circumstances change, impacting long-term occupancy stability. Despite these challenges, the potential for steady rental income supported by government vouchers makes this ZIP code attractive for landlords willing to navigate the intricacies of 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.