The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Richmond, VA 23294's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 23294 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $1,377 to a high of $1,683, with an average of $1,530.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,422, a maximum of $1,738, and an average of $1,580.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,593, peaking at a maximum of $1,947, and averaging at $1,770.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,034, a maximum of $2,486, and an average of $2,260.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,493 to a maximum of $3,047, with an average of $2,770.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Richmond, VA 23294 Low Rent (90%) $1,377 $1,422 $1,593 $2,034 $2,493
Average Rent $1,530 $1,580 $1,770 $2,260 $2,770
High Rent(110%) $1,683 $1,738 $1,947 $2,486 $3,047
2023 Richmond, VA 23294 Low Rent (90%) $1,215 $1,242 $1,404 $1,818 $2,205
Average Rent $1,350 $1,380 $1,560 $2,020 $2,450
High Rent (110%) $1,485 $1,518 $1,716 $2,222 $2,695
2022 Richmond, VA 23294 Low Rent (90%) $1,053 $1,071 $1,224 $1,602 $1,917
Average Rent $1,170 $1,190 $1,360 $1,780 $2,130
High Rent(110%) $1,287 $1,309 $1,496 $1,958 $2,343
2021 Richmond, VA 23294 Low Rent (90%) $1,026 $1,062 $1,206 $1,593 $1,908
Average Rent $1,140 $1,180 $1,340 $1,770 $2,120
High Rent (110%) $1,254 $1,298 $1,474 $1,947 $2,332
2020 Richmond, VA 23294 Low Rent (90%) $927 $963 $1,098 $1,458 $1,746
Average Rent $1,030 $1,070 $1,220 $1,620 $1,940
High Rent(110%) $1,133 $1,177 $1,342 $1,782 $2,134
2019 Richmond, VA 23294 Low Rent (90%) $927 $972 $1,116 $1,485 $1,791
Average Rent $1,030 $1,080 $1,240 $1,650 $1,990
High Rent (110%) $1,133 $1,188 $1,364 $1,815 $2,189


Discover Section 8 FMR by zip code