Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,490 |
| 1 Bedroom | $1,680 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,330 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,680 | $243,792 | 0.69% | D |
| 2BR | $1,910 | $333,259 | 0.57% | F |
| 3BR | $2,330 | $450,800 | 0.52% | F |
| 4BR | $2,860 | $622,983 | 0.46% | F |
| 5BR | $3,318 | $845,432 | 0.39% | F |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 22911, located in Charlottesville, VA, present a market in motion, characterized by a delicate balance between supply and demand. The Fair Market Rent (FMR) for the area stands at $1900 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $2,276. This suggests that the market rent is above the government's benchmark, indicating strong tenant interest in the area.
A key indicator of market health is the price-cut share, which is a mere 0.1%. This low percentage implies that landlords and property owners are generally not having to reduce their asking prices to attract tenants, a sign that demand remains robust relative to supply. Additionally, the days on market (DOM) for rental properties is only 20 days, further supporting the notion that demand is outpacing supply. Tenants are finding available units quickly, leaving little room for extended vacancy periods.
The median home value in ZIP 22911 is $511,856, reflecting a significant investment for homeowners. However, the 32.4% renter share tells us that a substantial portion of the population prefers or requires renting over owning. This high proportion of renters suggests ongoing pressure on the rental market, as many individuals will continue to seek rental properties rather than purchasing homes. Over the long term, this can create sustained demand for rental properties, making it an attractive market for landlords and small-portfolio investors.
In summary, ZIP 22911 exhibits characteristics of a market where demand is currently outpacing supply, driven by a healthy rental market with relatively high rents and quick turnover times. The significant renter share points to enduring housing pressure, favoring those who invest in rental properties over those who might focus on home sales.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.