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Rental & Fair Market Overview – Eastern Panhandle, West Virginia

 June 2025 | Investor-Focused Analysis

Counties Covered: Morgan, Berkeley, Jefferson

Fair Market Rent (FMR) – 2025 Estimates

Based on HUD data, MLS trends, and local market insights:

Unit Size

Low-End FMR

High-End FMR

Typical Counties

Studio

$800

$1,000

Morgan, Berkeley

1BR

$950

$1,200

Berkeley, Jefferson

2BR

$1,200

$1,500

Berkeley, Jefferson

3BR

$1,450

$1,750

Jefferson, Berkeley

4BR

$1,650

$2,000

Jefferson

Berkeley County leads in rental demand, benefiting from proximity to Martinsburg and commuting to DC metro.
Morgan County offers lower cost entry with steady, smaller market demand.
Jefferson County shows strong STR potential due to tourism and historic sites.

Occupancy & Rental Demand

County

Occupancy Rate

Demand Profile

Notes

Morgan

~90%

Rural, affordable rentals

Limited inventory; steady demand from local workers

Berkeley

~95%

Growing commuter and industrial

Martinsburg area expanding; strong multifamily demand

Jefferson

~94%

Tourism, historic district focus

STR demand near Harpers Ferry and Charles Town

Year-Over-Year Rent Growth (Estimates)

County

Rent Growth (YOY)

Comment

Morgan

2–4%

Slow, steady growth; good for buy-and-hold

Berkeley

5–7%

Increasing demand with new jobs and commuters

Jefferson

6–8%

Strong appreciation; STR driving rental rates

Strategy Snapshot: Long-Term vs. Short-Term Rentals

County

Best LTR Areas

STR Potential

Morgan

Berkeley Springs, Paw Paw

Limited; mainly long-term rentals

Berkeley

Martinsburg, Inwood

Moderate; proximity to DC commuters

Jefferson

Charles Town, Harpers Ferry

High; popular tourist destinations support STRs

Investment Takeaways

  • Berkeley County is the strongest long-term rental market with growing population and job base.
  • Jefferson County offers the best short-term rental opportunities due to tourism, history, and events.
  • Morgan County presents an affordable entry point for buy-and-hold investors seeking cash flow.
  • Across the Eastern Panhandle, low inventory and steady population growth support solid rental demand.

Estimated Cap Rates (Mid-2025)

Asset Type

Estimated Cap Rate

Martinsburg Multifamily

6.5% – 7.5%

Berkeley County SFR

7.0% – 8.0%

Morgan County Single-Family

8.0% – 9.0%

Jefferson County STR

8.5% – 10.0%

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