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

Lexington, MA 02421'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 02421 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 $2,988 to a high of $3,652, with an average of $3,320.
One-bedroom: One-bedroom rental prices vary, with a minimum of $3,213, a maximum of $3,927, and an average of $3,570.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $3,816, peaking at a maximum of $4,664, and averaging at $4,240.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $4,617, a maximum of $5,643, and an average of $5,130.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $5,085 to a maximum of $6,215, with an average of $5,650.

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 Lexington, MA 2421 Low Rent (90%) $2,988 $3,213 $3,816 $4,617 $5,085
Average Rent $3,320 $3,570 $4,240 $5,130 $5,650
High Rent(110%) $3,652 $3,927 $4,664 $5,643 $6,215
2023 Lexington, MA 2421 Low Rent (90%) $2,736 $2,970 $3,555 $4,329 $4,779
Average Rent $3,040 $3,300 $3,950 $4,810 $5,310
High Rent (110%) $3,344 $3,630 $4,345 $5,291 $5,841
2022 Lexington, MA 2421 Low Rent (90%) $2,412 $2,655 $3,204 $3,960 $4,347
Average Rent $2,680 $2,950 $3,560 $4,400 $4,830
High Rent(110%) $2,948 $3,245 $3,916 $4,840 $5,313
2021 Lexington, MA 2421 Low Rent (90%) $2,250 $2,484 $3,015 $3,753 $4,086
Average Rent $2,500 $2,760 $3,350 $4,170 $4,540
High Rent (110%) $2,750 $3,036 $3,685 $4,587 $4,994
2020 Lexington, MA 2421 Low Rent (90%) $2,160 $2,394 $2,907 $3,627 $3,942
Average Rent $2,400 $2,660 $3,230 $4,030 $4,380
High Rent(110%) $2,640 $2,926 $3,553 $4,433 $4,818
2019 Lexington, MA 2421 Low Rent (90%) $2,016 $2,250 $2,745 $3,438 $3,708
Average Rent $2,240 $2,500 $3,050 $3,820 $4,120
High Rent (110%) $2,464 $2,750 $3,355 $4,202 $4,532


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