Every year, the Department of Housing and Urban Development sets Fair Market Rents (FMRs) for every metro area and county. They're the basis for housing voucher payment standards, and they're one of the few rent figures published for every part of the country on the same basis. The FY2027 figures took effect on October 1, 2026.
Across the 117 HUD areas that contain a US city of 150,000+ people, the 2-bedroom FMR rises in 67 and falls in 50.
Biggest increases for FY2027
| HUD area | Cities | 2-bed FY2026 | 2-bed FY2027 | Change |
|---|---|---|---|---|
| Fayetteville, NC | Fayetteville, NC | $1,251 | $1,476 | +18.0% |
| Port St. Lucie, FL | Port St. Lucie, FL | $1,757 | $2,069 | +17.8% |
| Stockton-Lodi, CA | Stockton, CA | $1,742 | $2,015 | +15.7% |
| Kansas City, MO-KS | Kansas City, MO, Overland Park, KS, Kansas City, KS | $1,358 | $1,546 | +13.8% |
| Montgomery, AL | Montgomery, AL | $1,016 | $1,150 | +13.2% |
| Chicago-Joliet-Naperville, IL | Chicago, IL, Aurora, IL, Naperville, IL | $1,781 | $2,011 | +12.9% |
| Fort Wayne, IN | Fort Wayne, IN | $1,113 | $1,248 | +12.1% |
| Columbus, OH | Columbus, OH | $1,430 | $1,602 | +12.0% |
| Bakersfield-Delano, CA | Bakersfield, CA | $1,483 | $1,656 | +11.7% |
| Columbus, GA-AL | Columbus, GA | $1,088 | $1,212 | +11.4% |
Biggest decreases
| HUD area | Cities | 2-bed FY2026 | 2-bed FY2027 | Change |
|---|---|---|---|---|
| Oxnard-Thousand Oaks-Ventura, CA | Oxnard, CA | $2,693 | $2,424 | −10.0% |
| Salinas, CA | Salinas, CA | $2,684 | $2,416 | −10.0% |
| Rochester, NY | Rochester, NY | $1,573 | $1,416 | −10.0% |
| Eugene-Springfield, OR | Eugene, OR | $1,688 | $1,546 | −8.4% |
| Killeen-Temple, TX | Killeen, TX | $1,233 | $1,138 | −7.7% |
| Madison, WI | Madison, WI | $1,694 | $1,565 | −7.6% |
| Salt Lake City, UT | Salt Lake City, UT | $1,747 | $1,615 | −7.6% |
| Boise City, ID | Boise, ID | $1,655 | $1,540 | −6.9% |
| Colorado Springs, CO | Colorado Springs, CO | $1,735 | $1,621 | −6.6% |
| Cape Coral-Fort Myers, FL | Cape Coral, FL, Lehigh Acres, FL | $1,961 | $1,835 | −6.4% |
3 areas fall by exactly 10%. That's not a coincidence: HUD caps an area's one-year FMR decrease at 10%, so these areas hit the cap.
What a Fair Market Rent is, and isn't
An FMR is HUD's estimate of the 40th-percentile gross rent, including utilities, for a standard unit rented by a recent mover in the area. It's set for a fiscal year (FY2027 runs October 2026 to September 2027) and trended forward to it.
That makes FMRs useful for a few things:
- Comparing areas on one basis, since every metro uses the same method.
- Getting a sense of direction, because they reflect recent movers rather than long-time tenants.
- For voucher holders, setting the payment standard most housing authorities build from.
They're also limited:
- They cover whole HUD areas, often several counties, so they're not city figures.
- Each year's change carries HUD's own adjustments and limits. The −10% floor above is one.
For a city-level view, each city's rent forecast page puts the FMR next to the Census median rent for the city itself. For current asking rents by ZIP code, use Predictye Rent.
Sources
- U.S. Department of Housing and Urban Development, Fair Market Rents FY2026 (revised) and FY2027, county level, for the HUD area containing each city's principal county.
Don't guess. Just Predictye.