Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,080 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,360 |
| 3 Bedrooms | $3,250 |
| 4 Bedrooms | $3,840 |
| 5 Bedrooms | $4,454 |
| 6 Bedrooms | $4,988 |
| 7 Bedrooms | $5,387 |
| 8 Bedrooms | $5,656 |
U.S. Census Bureau data (2024)
The rent math in ZIP 23511 works favorably for landlords. The Fair Market Rent (FMR) set at $2180 for fiscal year 2024 is slightly above the reported market rent of $2,154 based on Census ACS data, indicating that properties priced at the FMR level can still attract tenants without significant overpricing.
Acquisition in this area is less straightforward due to limited data points. The median home value is listed as N/A, which means there isn't enough information to determine if homes are generally affordable for purchase. Similarly, the days on market (DOM) and the percentage of price cuts required to sell are also marked as N/A, suggesting a lack of recent sales data to gauge affordability accurately.
Tenant demand in ZIP 23511 is robust. With a total population of 9,664, nearly all residents—100.0%—are renters. This indicates a strong and consistent need for rental properties, making it an attractive area for small-portfolio investors looking to capitalize on high occupancy rates.
Overall, ZIP 23511 presents a solid investment opportunity for those interested in the rental market. While there's insufficient data to make a definitive statement on property acquisition costs, the favorable rent math and high tenant demand suggest that existing rental properties could be profitable. Landlords should focus on maintaining competitive rents while ensuring their properties meet the standards expected by the local tenant base.
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.