Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
1600 is the Fair Market Rent (FMR) for ZIP code 22906 in fiscal year 2024, setting a clear benchmark for rental properties in this area. While the specific market rent remains unspecified, landlords can rely on the FMR as a guideline for pricing their units competitively. The lack of data on median home value suggests that the housing market in 22906 may be less focused on homeownership compared to other areas. With an unknown percentage of the population being renters, it's evident that the rental market plays a significant role in the local economy. However, without a specified median income, it's challenging to gauge the financial health of the residents and their ability to afford higher rents. The average days on market (DOM) being unspecified indicates either a stable market where listings sell quickly or a lack of recent sales data. Similarly, the absence of a percentage for price-cut share suggests that property values remain steady, with few owners needing to reduce prices to attract buyers. For landlords and small-portfolio investors looking to participate in the Section 8 program, the $1600 FMR provides a solid starting point for understanding what rent levels are acceptable under the program.
Investors should note that while the FMR is a critical figure, it does not account for the full picture of the rental market dynamics in ZIP 22906. The unspecified percentages for renter share and price-cut share indicate gaps in the data that could affect decision-making. Nevertheless, the $1600 FMR serves as a reliable indicator for rental rates and can help landlords set competitive prices that align with government standards.
Section 8 verdict: Given the $1600 FMR, participation in the Section 8 program is viable for landlords in ZIP 22906, offering a predictable and stable source of rental income.
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.