Location: Greensville County-Emporia city, VA | Metro: Greensville County-Emporia city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The market in ZIP code 23879 presents a dynamic environment that is indicative of a balance between supply and demand, leaning slightly towards demand pressure. The Fair Market Rent (FMR) for the area, set at $1,040 for fiscal year 2026, closely aligns with the market rent observed at $1,099, according to the latest Census ACS data. This suggests that rental prices are reflective of the broader market conditions, indicating a relatively stable rental market without significant overvaluation.
The median home value of $183,090 provides insight into the overall affordability of homeownership in the area. However, the lack of specific data on price-cut shares and days on market (DOM) makes it challenging to definitively conclude whether there is an excess of supply or if demand is outpacing the available housing stock. Nonetheless, the observed rental market conditions imply that there is sufficient interest in renting properties, which could suggest a moderate level of demand for housing in general.
A key factor to consider is the 20.9% share of renters in the area. This percentage indicates a substantial portion of the population that relies on rental housing, which can exert long-term pressure on the availability of rental units. In markets with high renter shares, there is often a persistent demand for affordable rental properties, leading to potential challenges for landlords and small-portfolio investors who must navigate the delicate balance between setting competitive rents and maintaining property values.
The dynamics at play in ZIP 23879 highlight the importance of understanding local trends and the interplay between rental and ownership markets. For landlords and small-portfolio investors, the close alignment between FMR and market rent signals a need to stay informed about any changes in these metrics, as they can influence the overall attractiveness of the area for both renters and buyers. Additionally, the high renter share underscores the significance of maintaining a competitive edge through property management practices that ensure high occupancy rates and tenant satisfaction.
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.