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

Hope, RI 02831'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 02831 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 $1,593 to a high of $1,947, with an average of $1,770.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,728, a maximum of $2,112, and an average of $1,920.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,097, peaking at a maximum of $2,563, and averaging at $2,330.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,538, a maximum of $3,102, and an average of $2,820.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,141 to a maximum of $3,839, with an average of $3,490.

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 Hope, RI 2831 Low Rent (90%) $1,593 $1,728 $2,097 $2,538 $3,141
Average Rent $1,770 $1,920 $2,330 $2,820 $3,490
High Rent(110%) $1,947 $2,112 $2,563 $3,102 $3,839
2023 Hope, RI 2831 Low Rent (90%) $1,314 $1,440 $1,737 $2,115 $2,610
Average Rent $1,460 $1,600 $1,930 $2,350 $2,900
High Rent (110%) $1,606 $1,760 $2,123 $2,585 $3,190
2022 Hope, RI 2831 Low Rent (90%) $1,071 $1,206 $1,449 $1,791 $2,196
Average Rent $1,190 $1,340 $1,610 $1,990 $2,440
High Rent(110%) $1,309 $1,474 $1,771 $2,189 $2,684
2021 Hope, RI 2831 Low Rent (90%) $936 $1,053 $1,269 $1,575 $1,890
Average Rent $1,040 $1,170 $1,410 $1,750 $2,100
High Rent (110%) $1,144 $1,287 $1,551 $1,925 $2,310
2020 Hope, RI 2831 Low Rent (90%) $792 $891 $1,071 $1,332 $1,584
Average Rent $880 $990 $1,190 $1,480 $1,760
High Rent(110%) $968 $1,089 $1,309 $1,628 $1,936
2019 Hope, RI 2831 Low Rent (90%) $765 $864 $1,035 $1,296 $1,530
Average Rent $850 $960 $1,150 $1,440 $1,700
High Rent (110%) $935 $1,056 $1,265 $1,584 $1,870


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