Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,040 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,350 |
| 3 Bedrooms | $2,990 |
| 4 Bedrooms | $3,530 |
| 5 Bedrooms | $4,095 |
| 6 Bedrooms | $4,586 |
| 7 Bedrooms | $4,953 |
| 8 Bedrooms | $5,201 |
The Fair Market Rent (FMR) for ZIP code 22463 in Washington, D.C., for fiscal year 2024 is set at $1850. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used by the government to determine the maximum rent subsidy for eligible tenants.
While the local median rent for ZIP 22463 is listed as N/A, the percentage of renters in the area who rely on housing assistance is N/A%. This indicates a strong demand for affordable housing options, which could make Section 8 rentals particularly attractive. The average property value in the area is also N/A, suggesting that acquiring a property suitable for a Section 8 tenant might be relatively cost-effective.
To put this into perspective, if you own a property in ZIP 22463 that meets the criteria for Section 8 eligibility, you can expect to receive a monthly rent payment of up to $1850 from the government for each tenant. However, this does not mean that your property must be rented out at this price; it simply cannot exceed this limit. If your property's market rent is below $1850, you would receive the actual market rent plus any additional subsidy needed to cover the difference between the tenant's portion and the total rent.
Before proceeding with a Section 8 rental, it's crucial to verify that your property meets all the necessary requirements, including passing a Housing Quality Standards (HQS) inspection. This ensures that the property is safe, decent, and sanitary for tenants, and it is a mandatory step to qualify for the program.
In summary, the FMR of $1850 for ZIP 22463 provides a clear guideline for setting your rent under the Section 8 program. With a high percentage of renters seeking affordable housing and potentially lower acquisition costs, Section 8 could be a viable option for your investment portfolio. Just ensure your property is HQS compliant to avoid any delays in securing a tenant.
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.