Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,140 |
| 3 Bedrooms | $2,950 |
| 4 Bedrooms | $3,480 |
| 5 Bedrooms | $4,037 |
| 6 Bedrooms | $4,521 |
| 7 Bedrooms | $4,883 |
| 8 Bedrooms | $5,127 |
U.S. Census Bureau data (2024)
The rent math in ZIP 23651 does not favor landlords. The Fair Market Rent (FMR) set at $1980 for fiscal year 2024 is notably lower than the market rent average of $2,044, according to Census ACS data. This discrepancy means that landlords might struggle to cover costs and maintain profitability when adhering to FMR guidelines.
Regarding property acquisition, the metrics present a less-than-favorable picture. The median home value is listed as N/A, indicating insufficient data for an accurate assessment. However, the N/A days on market (DOM) and N/A% of homes experiencing price cuts suggest a challenging environment for acquiring properties at affordable rates. Landlords should be cautious and conduct thorough research before committing to purchases in this area.
Tenant demand is robust in ZIP 23651. With a total population of 439, nearly all residents (100.0%) are renters. This high concentration of renters ensures a steady stream of potential tenants, reducing vacancy risks. However, the small population size limits the number of possible tenants, which could impact finding suitable occupants quickly.
In conclusion, while there is strong tenant demand in ZIP 23651, the current economic conditions pose significant challenges for landlords. The disparity between the FMR and market rent makes it difficult to achieve positive cash flow without exceeding government-set rent limits. Additionally, the lack of specific data on median home values and pricing trends complicates the acquisition process. Landlords must weigh these factors carefully and consider alternative investment strategies to ensure financial viability in this market.
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.