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

Shannock, RI 02875'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 02875 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 $1,494 to a high of $1,826, with an average of $1,660.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,620, a maximum of $1,980, and an average of $1,800.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,962, peaking at a maximum of $2,398, and averaging at $2,180.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,367, a maximum of $2,893, and an average of $2,630.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,934 to a maximum of $3,586, with an average of $3,260.

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 Shannock, RI 2875 Low Rent (90%) $1,494 $1,620 $1,962 $2,367 $2,934
Average Rent $1,660 $1,800 $2,180 $2,630 $3,260
High Rent(110%) $1,826 $1,980 $2,398 $2,893 $3,586
2023 Shannock, RI 2875 Low Rent (90%) $1,260 $1,386 $1,674 $2,034 $2,511
Average Rent $1,400 $1,540 $1,860 $2,260 $2,790
High Rent (110%) $1,540 $1,694 $2,046 $2,486 $3,069
2022 Shannock, RI 2875 Low Rent (90%) $1,107 $1,242 $1,494 $1,845 $2,259
Average Rent $1,230 $1,380 $1,660 $2,050 $2,510
High Rent(110%) $1,353 $1,518 $1,826 $2,255 $2,761
2021 Shannock, RI 2875 Low Rent (90%) $1,017 $1,143 $1,377 $1,710 $2,052
Average Rent $1,130 $1,270 $1,530 $1,900 $2,280
High Rent (110%) $1,243 $1,397 $1,683 $2,090 $2,508
2020 Shannock, RI 2875 Low Rent (90%) $837 $945 $1,134 $1,413 $1,674
Average Rent $930 $1,050 $1,260 $1,570 $1,860
High Rent(110%) $1,023 $1,155 $1,386 $1,727 $2,046
2019 Shannock, RI 2875 Low Rent (90%) $711 $810 $963 $1,206 $1,422
Average Rent $790 $900 $1,070 $1,340 $1,580
High Rent (110%) $869 $990 $1,177 $1,474 $1,738


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