Section 8 Fair Market Rent (FMR) for ZIP 23187 - 2027

FY 2027 Fair Market Rent Rates

ZIP 23187, located within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, serves as a cash-flow anchor within a Section 8 portfolio strategy. This classification is based on the Fair Market Rent (FMR) for the area, which is set at $1,460 for fiscal year 2024. Given the lack of specific market data, we must rely on the FMR to gauge the rental environment.

The FMR of $1,460 is a reliable indicator of the maximum amount that a landlord can charge for a rental property while still qualifying for the Section 8 program. This figure represents the median rental cost for a two-bedroom apartment in the area. As such, it provides a benchmark for pricing properties that aim to attract tenants covered under the Section 8 voucher program.

Incorporating ZIP 23187 into a Section 8 portfolio ensures steady cash flow due to the guaranteed nature of rental payments through the government subsidy. Landlords who participate in this program receive timely payments, reducing the risk of non-payment and vacancy. The stability provided by these subsidies makes ZIP 23187 an attractive addition to portfolios seeking consistent income.

While appreciation plays and diversifiers may offer potential growth and balance, the primary focus in ZIP 23187 should be on securing reliable cash flow. The FMR serves as a solid foundation for this strategy, ensuring that landlords can maintain their investment properties without the financial strain of market fluctuations.

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.