Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
ZIP code 22811, located within the Harrisonburg, VA MSA, has a Fair Market Rent (FMR) of $1190 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors interested in the area's rental dynamics.
The market rent and home values for ZIP 22811 are currently not available, which limits a direct comparison to other ZIP codes within the Harrisonburg, VA MSA. However, the FMR can be used as a benchmark for affordable housing standards set by the U.S. Department of Housing and Urban Development (HUD).
The renter share in ZIP 22811 stands at 27.7%. This indicates that nearly a quarter of the households in the area are renters, which is slightly above average for many MSAs where renter shares might be lower. Given the absence of market rent and home value data, we can infer that if the actual market rents are lower than the FMR, it could make ZIP 22811 a valuable location for landlords participating in the Section 8 program due to its higher renter share.
To determine whether ZIP 22811 is a value pocket, a mid-tier neighborhood, or a premium sub-market, further analysis of the broader Harrisonburg, VA MSA is required. Typically, value pockets have lower-than-average rents and home values but may still attract a significant number of renters, making them attractive for subsidized housing programs. Mid-tier neighborhoods offer moderate rents and home values, while premium sub-markets command higher rents and home values, catering to more affluent residents.
Without specific market rent and home value data, it is difficult to conclusively categorize ZIP 22811. However, the combination of a defined FMR and a notable renter share suggests that it could potentially be a value pocket for Section 8 participants, especially if the actual market rents are indeed below the FMR.
Landlords and investors should consider conducting additional research on the local rental market trends and comparing ZIP 22811's characteristics with those of other areas within the Harrisonburg, VA MSA to make informed decisions about property investments and management strategies.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.