FMR is below market; voucher rent may lag private rents.
0.73
1 BR
1 BR
0.92ratio
FMR$1,440
Market$1,570
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.92
2 BR
2 BR
0.82ratio
FMR$1,620
Market$1,970
vs market-$350
FMR is below market; voucher rent may lag private rents.
0.82
3 BR
3 BR
0.99ratio
FMR$2,230
Market$2,260
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.99
4 BR
4 BR
0.93ratio
FMR$2,630
Market$2,840
vs market-$210
FMR is near market; voucher and private rents are aligned.
0.93
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 23304 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23304 (Battery Park, VA) is $1,620 a month. That is down 4.7% from $1,700 in FY 2026. Battery Park is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 10 ZIP codes in Isle of Wight County, 23304 has the 3rd-highest two-bedroom rent (county range $1,060–$2,000). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23304 is 28% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23304
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,490
$1,420
−4.7%
$1,278–$1,562
1BR
$1,500
$1,440
−4.0%
$1,296–$1,584
2BR
$1,700
$1,620
−4.7%
$1,458–$1,782
3BR
$2,360
$2,230
−5.5%
$2,007–$2,453
4BR
$2,780
$2,630
−5.4%
$2,367–$2,893
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23304
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,420
$1,440
$1,620
$2,230
$2,630
FY 2026
$1,490
$1,500
$1,700
$2,360
$2,780
FY 2025
$1,430
$1,440
$1,650
$2,300
$2,730
FY 2024
$1,220
$1,230
$1,430
$1,990
$2,430
FY 2023
$1,050
$1,070
$1,250
$1,750
$2,130
Two-bedroom rent in nearby Isle of Wight County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23304?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,620, that basic range is $1,458 to $1,782 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 23304 in?
ZIP 23304 is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 23304 for FY 2027?
The two-bedroom FMR fell 4.7%, from $1,700 in FY 2026 to $1,620 in FY 2027. Since FY 2023 it has risen 29.6%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set