Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
In ZIP code 23018, the Fair Market Rent (FMR) for FY 2024 is set at $1310. This figure provides a benchmark for rental properties in the area. Although specific market rent data is not available, it is important to note that the FMR serves as a guideline for affordable housing.
The lack of precise median home value and median income data means that landlords and small-portfolio investors must rely on broader regional data for context. However, the absence of these figures does not diminish the importance of the FMR in guiding rental pricing strategies.
With no available data on the percentage of renters or the average days on market (DOM), it is challenging to provide a comprehensive analysis of the rental market dynamics. Nonetheless, the presence of $355,000-valued homes indicates a range of property values within the area, which could influence rental rates.
A property listed at $320,000 highlights the variability in home prices, while another priced at $345,000 shows that some homes have experienced price cuts. This suggests that the market may be experiencing some fluctuations, but it remains stable overall.
The absence of data on price-cut shares and days on market implies that the market is relatively steady, without significant volatility. However, the presence of homes with recent price adjustments, such as the $345,000 property with a $14,900 price cut, indicates that there is still room for negotiation.
Considering the data available, landlords and small-portfolio investors should aim to align their rental pricing with the $1310 FMR to ensure affordability and compliance with HUD guidelines. This approach will help maintain a healthy occupancy rate and attract tenants who qualify for Section 8 assistance.
Verdict: Align rental pricing with the $1310 FMR for optimal Section 8 participation.
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.