Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
47.4 percent of residents in ZIP 23324, Chesapeake, VA, are renters, indicating a significant demand for rental properties in the area. The $1260 Fair Market Rent (FMR) set for zip FY 2024 suggests that landlords can expect to receive this amount per unit for Section 8 vouchers, which is notably lower than the $1,972 market rent (ZORI) observed in the region. This discrepancy highlights the potential financial gap between government-subsidized rents and the local market rates.
The median home value stands at $282,362, reflecting the overall property values in the area. However, it's important to note that the median income of $57,045 might limit the purchasing power of many residents, making rentals a more accessible option. With an average of 37 days on the market (DOM), it appears that rental properties are moving relatively quickly, suggesting a robust rental market despite the lower FMR compared to ZORI.
The 0.2 percent price-cut share indicates that very few landlords are having to reduce their asking prices to attract tenants, which is a positive sign for the stability and desirability of the rental market in Chesapeake. Given these figures, landlords and small-portfolio investors should consider the balance between Section 8 rents and market rents when setting their pricing strategies.
In ZIP 23324, the data clearly shows that while there is a strong rental market with quick turnover, the disparity between FMR and ZORI means that Section 8 properties will likely yield lower returns compared to market-rate rentals. Therefore, the Section 8 verdict for Chesapeake, VA, is that it remains a viable but less lucrative option for landlords seeking immediate occupancy over higher rental income.
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.