Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,630 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,520 |
| 4 Bedrooms | $2,970 |
| 5 Bedrooms | $3,445 |
| 6 Bedrooms | $3,858 |
| 7 Bedrooms | $4,167 |
| 8 Bedrooms | $4,375 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 23551, located within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, does not provide a clear advantage due to the lack of specific market rent data. The Fair Market Rent (FMR) for the area is set at $1680 for fiscal year 2024. Without comparative market rent figures, it's challenging to assess whether properties can be rented profitably above this benchmark.
Acquisition affordability is difficult to gauge without detailed metrics on median home values, days on market (DOM), and the percentage of homes that typically require price cuts. These data points are crucial for understanding how competitive and liquid the real estate market is, which directly impacts an investor’s ability to acquire properties at favorable prices.
Tenant demand in ZIP 23551 appears robust. With a population of 1,702, over two-thirds (65.4%) of residents are renters. This high proportion of renters suggests a steady demand for rental properties, making it a viable option for landlords and small-portfolio investors looking to capitalize on the housing needs of the local population.
Verdict: While the tenant demand in ZIP 23551 is strong, the lack of specific market rent data and detailed acquisition metrics makes it difficult to fully evaluate the investment potential. Landlords and small-portfolio investors should focus on securing properties at or below the FMR of $1680 to ensure they can attract tenants. Further research into current market rents and property acquisition costs would be necessary to make a definitive assessment of profitability and feasibility in this area.
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.