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 |
1550 is the Fair Market Rent (FMR) for ZIP 22965 in fiscal year 2024, indicating the maximum amount that can be charged for a two-bedroom apartment under the Section 8 program. Despite the N/A market rent figure, which suggests limited data on actual rental prices, the 1550 FMR provides a benchmark for landlords. The N/A median home value implies that residential property values in the area may not be as straightforward to assess, but it does not detract from the utility of the FMR for rental properties. With a N/A% renter share, it's unclear what proportion of residents are renters, but the presence of the Section 8 program underscores the importance of affordable housing options. The N/A median income figure leaves room for speculation about the economic profile of the residents, yet it does not impact the direct financial benefits landlords can receive through the Section 8 program. A N/A-day DOM (Days On Market) indicates that there might be a lack of comprehensive data on how quickly rental properties are typically leased in this area, but this should not discourage landlords from participating in the program. The N/A% price-cut share suggests that there is no data available on how often landlords have to reduce their asking rents, which could be interpreted as a stable rental market. Given the 1550 FMR, landlords in ZIP 22965 can expect to receive a consistent rental payment that covers their costs and provides a reasonable profit margin.
1550 is also the critical figure for calculating the tenant's portion of the rent, which is typically 30% of their income, ensuring that landlords receive a predictable and steady income. Although specific market conditions are obscured by the N/A figures, the Section 8 program offers a reliable source of income without the need for constant rent adjustments or market rate fluctuations.
1550 FMR supports landlords in maintaining a financially stable operation within ZIP 22965. The verdict on Section 8 participation in this area is positive, offering a secure and predictable revenue stream.
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.