Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,360 |
| 1 Bedroom | $2,460 |
| 2 Bedrooms | $2,720 |
| 3 Bedrooms | $3,470 |
| 4 Bedrooms | $4,080 |
| 5 Bedrooms | $4,733 |
| 6 Bedrooms | $5,301 |
| 7 Bedrooms | $5,725 |
| 8 Bedrooms | $6,011 |
2240 is the Fair Market Rent (FMR) for ZIP code 22121 in fiscal year 2024, setting a clear benchmark for rental properties in the area. Given the absence of specific market rent data, landlords can confidently use this figure to guide their pricing strategies. The lack of median home value data suggests a diverse housing market where property values may fluctuate widely, requiring careful consideration when setting rents. With no precise information on the percentage of renters or median income, it's important for investors to conduct thorough local market research to understand tenant profiles and income levels. The unknown days on market (DOM) indicates that the time it takes to lease out properties could vary, emphasizing the need for effective marketing and management practices. The absence of data on the percentage of price-cut share highlights that there isn't a significant trend of lowering rents to attract tenants, suggesting a stable rental market. Landlords should also be aware that while the FMR stands at 2240, actual market conditions might dictate different rental rates. This ZIP code offers opportunities for those who can navigate the complexities of the local real estate landscape. For Section 8 investors, the FMR serves as a crucial guideline, ensuring compliance with federal standards. However, the lack of detailed local metrics means due diligence is essential before committing to any investment decisions.
Verdict: 2240 FMR provides a solid foundation, but landlords must research further to succeed in ZIP 22121.
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.