Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
The potential pitfalls for Section 8 landlords in ZIP code 24464 are significant and must be carefully considered before investing. Tenant turnover is a notable concern due to the discrepancy between the market rent and the Fair Market Rent (FMR) of $1270 set for FY 2024. Landlords might find it challenging to maintain occupancy levels as tenants may leave when better market-rate options become available.
Vacancy exposure is another critical issue, given that the Days on Market (DOM) for properties in this area is not available. This lack of data makes it difficult to predict how long a property might remain vacant between tenants, which can lead to significant financial losses for landlords.
Deferred maintenance poses a substantial risk, especially considering the typical home value of $359,547 and the median income of $33,879. The income level suggests that many homeowners may struggle to keep up with necessary repairs and maintenance, which can affect the quality of rental units and increase the likelihood of disputes with tenants over living conditions.
Despite these challenges, there are factors that mitigate some of the risks. The high renter share of 67.3% indicates a robust demand for rental housing, which often translates into higher demand for Section 8 vouchers. This strong rental market can provide a steady stream of tenants willing to use their vouchers, potentially reducing the impact of vacancy exposure.
In conclusion, the risks associated with becoming a first-time Section 8 landlord in ZIP code 24464 are moderate. While there are significant concerns about tenant turnover, vacancy exposure, and deferred maintenance, the high renter share provides a solid foundation for demand, balancing out some of the negatives.
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.