Section 8 Fair Market Rent (FMR) for ZIP 23667 - 2027

FY 2027 Fair Market Rent Rates

The analysis for ZIP code 23667 centers around the Federal Market Rent (FMR) figure of $1,570 for fiscal year 2026. This amount represents the maximum monthly rent that a landlord can charge for a unit under the Section 8 Housing Choice Voucher program. However, the current market rent in this area is listed as N/A, which suggests that there's either insufficient data or that the market rent has not been updated recently.

To understand the implications of this gap, we need to consider the percentage of renters in the area, the median home value, and the median income. Unfortunately, the provided data does not include these figures, making it challenging to provide a comprehensive analysis without additional information.

In the absence of the current market rent, we cannot calculate the exact dollar and percentage gap between the FMR and the market rent. However, if the FMR were higher than the market rent, this would indicate a potential yield play for landlords. Voucher tenants could be seen as a reliable source of income because the government would cover the rent up to the FMR level, even if the market rent is lower. This scenario would benefit landlords who might otherwise struggle to find tenants willing to pay the market rate, ensuring steady cash flow and reducing vacancy risks.

Conversely, if the FMR were lower than the market rent, landlords would have to accept a below-market rate for their units. The cost of housing voucher tenants below open-market rates means landlords would need to adjust their expectations and potentially manage their properties differently to maintain profitability. They might need to reduce costs, improve efficiency, or seek out other ways to increase revenue, such as charging for utilities separately or offering additional services for an extra fee.

The lack of specific percentages and median values for the area makes it difficult to provide a precise recommendation. To make informed decisions, landlords and small-portfolio investors should seek out local real estate agents or consult the latest HUD reports for more detailed data on the rental market in ZIP 23667.

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.