Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
The ZIP code 23804 in Richmond County, Virginia, presents a unique scenario for landlords and small-portfolio investors due to the lack of specific demographic data such as resident count, percentage renting, median income, and median home value. This absence of detailed local statistics can make it challenging to assess the typical economic conditions of the area directly. However, focusing on the Section 8 voucher economics provides a clearer picture.
The Fair Market Rent (FMR) for ZIP 23804 in fiscal year 2024 is set at $1310. This figure represents the government's assessment of the average rent for a standard unit in the area and is used to determine the amount of assistance that voucher holders receive. Without the exact market rent figures for comparison, the $1310 FMR serves as a benchmark for rental prices supported by the voucher program.
Landlords and investors should be aware that the FMR is typically lower than the actual market rents, which means properties priced above the FMR may struggle to attract tenants with vouchers. Conversely, properties priced around or slightly below the FMR can benefit from the steady demand generated by voucher holders. It's crucial to monitor the local rental market closely to understand how the FMR aligns with prevailing rents.
The data signature for ZIP 23804 reads as "stable," indicating that there have been no significant recent changes that would suggest a transitional phase. This stability can provide a predictable environment for landlords and investors, allowing them to plan and manage their properties effectively based on the known parameters of the Section 8 program.
In summary, while specific demographic details are unavailable, the $1310 FMR for ZIP 23804 offers insight into the rental economics underwritten by the Section 8 program. The stable nature of the data suggests a consistent environment for those managing rental properties in this area.
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.