Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
The analysis of ZIP code 24029 within the Roanoke, VA HUD Metro Fair Market Rent (FMR) area reveals several key points for landlords and small-portfolio investors.
Firstly, regarding the rent math, the FMR for the area is set at $1040 for fiscal year 2024. However, without specific market rent data, it's challenging to determine if this figure aligns with what tenants are willing to pay. The absence of market rent figures makes it difficult to assess whether the rent math works in favor of landlords.
Secondly, the affordability of acquiring properties in this ZIP code cannot be fully evaluated due to the lack of specific data on median home values, days on market (DOM), and the percentage of homes that require price cuts. These metrics are crucial for understanding how competitive and affordable the market is for potential acquisitions. Without these details, it's impossible to give a definitive answer on the acquisition affordability.
Lastly, concerning tenant demand, the ZIP code's population and the percentage of renters are not specified. This information is vital for gauging the likelihood of finding tenants who can afford the FMR and are interested in renting properties. The unknown population and renter share percentages make it hard to predict the level of tenant demand accurately.
In summary, while the Fair Market Rent for ZIP 24029 is established at $1040, the incomplete data on market rents, median home values, days on market, price cut percentages, and tenant demographics means that a comprehensive assessment of investment viability is not possible. Landlords and investors must seek additional local market data to make informed decisions about entering or expanding their presence 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.