Location: Lynchburg, VA | Metro: Lynchburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
The analysis of ZIP code 24576 within the Lynchburg, VA MSA reveals several key points that are crucial for landlords and small-portfolio investors.
The first question concerns whether the rent math works. The Fair Market Rent (FMR) for ZIP 24576 in fiscal year 2024 is set at $960. However, the market rent data is currently unavailable. Without market rent figures, it's impossible to determine if the FMR aligns with what tenants are willing to pay. This uncertainty should be considered when setting rental prices.
Secondly, regarding the affordability of property acquisitions, the median home value and typical days on the market (DOM) along with the percentage of homes needing price cuts are not available. These metrics would typically help assess the local housing market's liquidity and the potential for negotiating better purchase terms. The lack of these data points makes it challenging to advise on the cost-effectiveness of buying properties in this area.
Lastly, there is an inquiry about tenant demand. The population and the percentage of renters in ZIP 24576 are also not provided. Tenant demand is critical for ensuring occupancy rates and steady cash flow. Without specific numbers, it's difficult to gauge how many potential renters might be interested in the area.
Verdict: While the Fair Market Rent for ZIP 24576 in fiscal year 2024 is established at $960, making decisions about rental pricing and property acquisition without complete data on market rents, median home values, days on the market, and renter demographics is challenging. Landlords and small-portfolio investors should seek additional local market research to fully understand the financial viability of investments in this ZIP code. Until more comprehensive data is available, the decision to invest should be approached with caution.
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.