Location: Giles County, VA | Metro: Giles County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24136, Pembroke, VA, is set at $910 for fiscal year 2024. This figure represents the maximum amount a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not necessarily the rent you will receive; it is the benchmark used by the program to ensure housing costs are reasonable.
In contrast, the average rent for the area based on recent Census American Community Survey (ACS) data is $775. This lower figure indicates that the typical rent charged in Pembroke is below the FMR, which could be advantageous for landlords participating in the Section 8 program. By setting your rent at or below the FMR, you ensure that your property remains competitive and attractive to potential tenants who qualify for assistance.
The 18.2% share of renters in Pembroke suggests there is a steady demand for rental properties, making it a viable market for Section 8 rentals. However, the acquisition cost for a property in this area averages around $223,509, which should be considered when evaluating the profitability of a Section 8 rental. While the initial investment might seem high, the long-term stability provided by government-backed vouchers can offset some of the financial risks.
Before proceeding with your first Section 8 rental in Pembroke, it is crucial to verify the eligibility requirements for both your property and yourself as a landlord. This includes ensuring that your property meets all health and safety standards set by the program and understanding the terms of the voucher contract. The FMR of $910 provides a clear guideline for pricing your rental, while the average local rent of $775 gives you an idea of the competition you face. With a solid demand from renters and a reasonable acquisition cost, ZIP code 24136 presents a balanced opportunity for those willing to enter the Section 8 market.
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.