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

Wilmington, NC 28408'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 28408 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 $927 to a high of $1,133, with an average of $1,030.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,215, a maximum of $1,485, and an average of $1,350.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,368, peaking at a maximum of $1,672, and averaging at $1,520.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,809, a maximum of $2,211, and an average of $2,010.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,313 to a maximum of $2,827, with an average of $2,570.

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 Wilmington, NC 28408 Low Rent (90%) $927 $1,215 $1,368 $1,809 $2,313
Average Rent $1,030 $1,350 $1,520 $2,010 $2,570
High Rent(110%) $1,133 $1,485 $1,672 $2,211 $2,827
2023 Wilmington, NC 28408 Low Rent (90%) $765 $999 $1,134 $1,503 $1,935
Average Rent $850 $1,110 $1,260 $1,670 $2,150
High Rent (110%) $935 $1,221 $1,386 $1,837 $2,365
2022 Wilmington, NC 28408 Low Rent (90%) $729 $882 $1,044 $1,386 $1,791
Average Rent $810 $980 $1,160 $1,540 $1,990
High Rent(110%) $891 $1,078 $1,276 $1,694 $2,189
2021 Wilmington, NC 28408 Low Rent (90%) $684 $783 $963 $1,305 $1,656
Average Rent $760 $870 $1,070 $1,450 $1,840
High Rent (110%) $836 $957 $1,177 $1,595 $2,024
2020 Wilmington, NC 28408 Low Rent (90%) $612 $702 $873 $1,206 $1,476
Average Rent $680 $780 $970 $1,340 $1,640
High Rent(110%) $748 $858 $1,067 $1,474 $1,804
2019 Wilmington, NC 28408 Low Rent (90%) $639 $711 $900 $1,260 $1,530
Average Rent $710 $790 $1,000 $1,400 $1,700
High Rent (110%) $781 $869 $1,100 $1,540 $1,870


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