Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23173 in fiscal year 2024 is set at $1760. This figure represents the maximum amount that a landlord can receive from the government's Section 8 program for renting out a unit in this area. It's important to note that this is not the rent you will charge your tenant; rather, it's the payment standard used by the government to determine how much assistance they will provide.
To put this into perspective, the local median rent for similar units is currently N/A. While this information is not available, the FMR serves as a benchmark for what the government considers a fair rent in the area. If the local median rent were higher than the FMR, it would mean that tenants might need to pay more out-of-pocket to cover the difference between the FMR and the actual rent charged.
The demand for rental properties in ZIP 23173 is represented by the N/A% share of renters in the area. This indicates the portion of the population that relies on rental housing, suggesting a potential market for Section 8 rentals. However, without specific data, it's difficult to gauge the exact level of demand.
When acquiring a property for a Section 8 rental, consider the typical purchase price in the area, which is currently N/A. This figure helps you understand the investment required to enter the Section 8 market. Ensure that the property meets the Housing Quality Standards (HQS) set by the government, as this is a critical requirement for participation in the program.
Before deciding to take the plunge into Section 8 rentals, verify that your property complies with all necessary safety and maintenance standards. This will ensure that you meet the requirements and avoid any issues that could delay or prevent your participation in the program.
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.