September 17, 2019

Benjamin Miller
Chief Executive Officer
Fundrise Income eREIT V, LLC
1601 Connecticut Avenue NW
Suite 300
Washington, DC 20009

       Re: Fundrise Income eREIT V, LLC
           Amendment No. 1 to
           Offering Statement on Form 1-A
           Filed August 30, 2019
           File No. 024-11001

Dear Mr. Miller:

      We have reviewed your amended offering statement and have the following
comments. In some of our comments, we may ask you to provide us with
information so we
may better understand your disclosure.

       Please respond to this letter by amending your offering statement and
providing the
requested information. If you do not believe our comments apply to your facts
and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your offering statement and the
information you
provide in response to these comments, we may have additional comments. Unless
we note
otherwise, our references to prior comments are to comments in our June 12,
2019 letter.

Amendment No. 1 to Form 1-A filed August 30, 2019

General

1.    We note Section 15 of your subscription agreement includes a waiver of
Section 18-305
      rights by which investors waive their rights to request, review and
obtain information
      relating to Fundrise. Please revise the disclosure in your offering
statement to explain the
      intent of the provision and how it will operate, including exactly how it
will work with the
      mandatory arbitration provision and whether it could impact investors'
rights under the
      federal securities laws. In addition, please explain to us the scope of
the "other
      information deemed to be confidential by Fundrise in its sole
discretion." Finally, please
 Benjamin Miller
Fundrise Income eREIT V, LLC
September 17, 2019
Page 2
         revise your offering statement and subscription agreement to address
any uncertainty
         about enforceability and, to the extent the provision implicates
rights under the federal
         securities laws and rules and regulations promulgated thereunder,
state that investors
         cannot waive compliance with such rules and regulations.
       You may contact Isaac Esquivel, Staff Accountant, at 202-551-3395 or
Kristina Marrone,
Staff Accountant, at 202-551-3429 if you have questions regarding comments on
the financial
statements and related matters. Please contact Joshua Lobert, Staff Attorney,
at 202-551-7150 or
Jennifer Gowetski, Senior Counsel, at 202-551-3401 with any other questions.



                                                               Sincerely,
FirstName LastNameBenjamin Miller
                                                               Division of
Corporation Finance
Comapany NameFundrise Income eREIT V, LLC
                                                               Office of Real
Estate and
September 17, 2019 Page 2                                      Commodities
FirstName LastName