Location: Pulaski County, VA | Metro: Pulaski County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24301 in fiscal year 2024 is set at $960. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount the government will pay landlords for renting out a unit under this program. It's important to note that this is not the rent you'll charge your tenant; rather, it's the ceiling on the government subsidy.
To put this into perspective, the average rent in ZIP 24301 is $742, according to the Census Bureau's American Community Survey. This indicates that the FMR is higher than the typical rent in the area, which can be advantageous for landlords participating in the Section 8 program. The higher FMR suggests that you could potentially charge a tenant slightly more than the average market rate, though the exact amount would depend on the specifics of the voucher they hold.
The demand for rental properties in this ZIP code is substantial, with 33.5% of residents being renters. This high percentage translates to a robust market for rentals, especially those affordable through government assistance programs like Section 8. With an average household income of approximately $168,868, the acquisition cost of properties in this area can be quite high, making Section 8 an attractive option for landlords looking to ensure steady rental income without the risk of non-payment.
Before committing to a Section 8 rental property, it's crucial to verify the property meets all inspection criteria. The Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD) must be satisfied to qualify for the program. These standards cover everything from structural integrity to safety features, ensuring that the rental unit is fit for habitation. Meeting these requirements is essential to avoid delays and potential disqualification from the program.
In summary, the FMR of $960 in ZIP 24301 offers a competitive subsidy for landlords. Given the average rent of $742 and the significant renter population, there is strong demand for affordable housing options. However, ensure your property passes the necessary inspections to participate effectively in the Section 8 program.
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.