Location: Brunswick County, VA | Metro: Brunswick County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 23845 presents several challenges for potential Section 8 landlords. First, consider the discrepancy between the market rent and the Fair Market Rent (FMR) of $930 set for fiscal year 2026. With no data on the market rent, it's critical to ensure that the property is priced competitively to avoid excessive tenant turnover. High turnover rates can lead to increased costs and management headaches.
Vacancy exposure is another concern. The lack of days on market (DOM) data indicates uncertainty around how quickly properties can be rented out, especially when relying solely on Section 8 tenants. If there is a delay in finding tenants, the landlord will bear the cost of maintaining the property without rental income.
Deferred maintenance is a significant risk factor, particularly given the typical home value of $393,778 and a median income of $73,393. Landlords must be prepared to invest in regular upkeep to meet housing quality standards required by the Section 8 program. Failure to maintain these standards can result in penalties or even termination of the contract, leaving the property vulnerable to further financial losses.
Despite these risks, the high renter density in ZIP 23845, with 10.4% of residents being renters, suggests a strong demand for rental properties. This high concentration of renters often translates into a robust pool of Section 8 applicants, reducing the likelihood of prolonged vacancies. Furthermore, the presence of many renters increases competition for limited affordable housing options, potentially leading to higher demand for Section 8 vouchers.
In conclusion, while there are notable risks associated with becoming a Section 8 landlord in ZIP 23845, including uncertain market rents, potential vacancy periods, and the need for ongoing maintenance, the high renter density provides a buffer against some of these concerns. Therefore, the overall risk for a first-time Section 8 landlord in this area is moderate.
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.