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

Providence, RI 02940'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 02940 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 $1,161 to a high of $1,419, with an average of $1,290.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,260, a maximum of $1,540, and an average of $1,400.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,521, peaking at a maximum of $1,859, and averaging at $1,690.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,836, a maximum of $2,244, and an average of $2,040.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,277 to a maximum of $2,783, with an average of $2,530.

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 Providence, RI 2940 Low Rent (90%) $1,161 $1,260 $1,521 $1,836 $2,277
Average Rent $1,290 $1,400 $1,690 $2,040 $2,530
High Rent(110%) $1,419 $1,540 $1,859 $2,244 $2,783
2023 Providence, RI 2940 Low Rent (90%) $963 $1,053 $1,269 $1,548 $1,908
Average Rent $1,070 $1,170 $1,410 $1,720 $2,120
High Rent (110%) $1,177 $1,287 $1,551 $1,892 $2,332
2022 Providence, RI 2940 Low Rent (90%) $819 $918 $1,107 $1,368 $1,674
Average Rent $910 $1,020 $1,230 $1,520 $1,860
High Rent(110%) $1,001 $1,122 $1,353 $1,672 $2,046
2021 Providence, RI 2940 Low Rent (90%) $765 $864 $1,035 $1,287 $1,548
Average Rent $850 $960 $1,150 $1,430 $1,720
High Rent (110%) $935 $1,056 $1,265 $1,573 $1,892
2020 Providence, RI 2940 Low Rent (90%) $720 $810 $972 $1,215 $1,440
Average Rent $800 $900 $1,080 $1,350 $1,600
High Rent(110%) $880 $990 $1,188 $1,485 $1,760
2019 Providence, RI 2940 Low Rent (90%) $711 $801 $954 $1,197 $1,404
Average Rent $790 $890 $1,060 $1,330 $1,560
High Rent (110%) $869 $979 $1,166 $1,463 $1,716


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