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

Lynnfield, MA 01940'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 01940 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 $2,151 to a high of $2,629, with an average of $2,390.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,313, a maximum of $2,827, and an average of $2,570.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,754, peaking at a maximum of $3,366, and averaging at $3,060.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,330, a maximum of $4,070, and an average of $3,700.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,672 to a maximum of $4,488, with an average of $4,080.

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 Lynnfield, MA 1940 Low Rent (90%) $2,151 $2,313 $2,754 $3,330 $3,672
Average Rent $2,390 $2,570 $3,060 $3,700 $4,080
High Rent(110%) $2,629 $2,827 $3,366 $4,070 $4,488
2023 Lynnfield, MA 1940 Low Rent (90%) $2,016 $2,196 $2,628 $3,195 $3,528
Average Rent $2,240 $2,440 $2,920 $3,550 $3,920
High Rent (110%) $2,464 $2,684 $3,212 $3,905 $4,312
2022 Lynnfield, MA 1940 Low Rent (90%) $1,809 $1,989 $2,403 $2,970 $3,258
Average Rent $2,010 $2,210 $2,670 $3,300 $3,620
High Rent(110%) $2,211 $2,431 $2,937 $3,630 $3,982
2021 Lynnfield, MA 1940 Low Rent (90%) $1,692 $1,872 $2,268 $2,817 $3,078
Average Rent $1,880 $2,080 $2,520 $3,130 $3,420
High Rent (110%) $2,068 $2,288 $2,772 $3,443 $3,762
2020 Lynnfield, MA 1940 Low Rent (90%) $1,566 $1,737 $2,115 $2,637 $2,862
Average Rent $1,740 $1,930 $2,350 $2,930 $3,180
High Rent(110%) $1,914 $2,123 $2,585 $3,223 $3,498
2019 Lynnfield, MA 1940 Low Rent (90%) $1,413 $1,584 $1,926 $2,412 $2,601
Average Rent $1,570 $1,760 $2,140 $2,680 $2,890
High Rent (110%) $1,727 $1,936 $2,354 $2,948 $3,179


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