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

Newport, RI 02840'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 02840 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 $1,557 to a high of $1,903, with an average of $1,730.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,566, a maximum of $1,914, and an average of $1,740.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,061, peaking at a maximum of $2,519, and averaging at $2,290.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,727, a maximum of $3,333, and an average of $3,030.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,258 to a maximum of $3,982, with an average of $3,620.

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 Newport, RI 2840 Low Rent (90%) $1,557 $1,566 $2,061 $2,727 $3,258
Average Rent $1,730 $1,740 $2,290 $3,030 $3,620
High Rent(110%) $1,903 $1,914 $2,519 $3,333 $3,982
2024 Newport, RI 2840 Low Rent (90%) $1,557 $1,566 $2,061 $2,727 $3,258
Average Rent $1,730 $1,740 $2,290 $3,030 $3,620
High Rent (110%) $1,903 $1,914 $2,519 $3,333 $3,982
2023 Newport, RI 2840 Low Rent (90%) $1,377 $1,404 $1,818 $2,439 $3,006
Average Rent $1,530 $1,560 $2,020 $2,710 $3,340
High Rent(110%) $1,683 $1,716 $2,222 $2,981 $3,674
2022 Newport, RI 2840 Low Rent (90%) $1,053 $1,215 $1,575 $2,187 $2,700
Average Rent $1,170 $1,350 $1,750 $2,430 $3,000
High Rent (110%) $1,287 $1,485 $1,925 $2,673 $3,300
2021 Newport, RI 2840 Low Rent (90%) $963 $1,080 $1,404 $1,980 $2,430
Average Rent $1,070 $1,200 $1,560 $2,200 $2,700
High Rent(110%) $1,177 $1,320 $1,716 $2,420 $2,970
2020 Newport, RI 2840 Low Rent (90%) $882 $981 $1,278 $1,836 $2,241
Average Rent $980 $1,090 $1,420 $2,040 $2,490
High Rent (110%) $1,078 $1,199 $1,562 $2,244 $2,739
2019 Newport, RI 2840 Low Rent (90%) $810 $945 $1,215 $1,755 $2,133
Average Rent $900 $1,050 $1,350 $1,950 $2,370
High Rent(110%) $990 $1,155 $1,485 $2,145 $2,607


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