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

Lexington, KY 40515'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 40515 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 $846 to a high of $1,034, with an average of $940.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,035, a maximum of $1,265, and an average of $1,150.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,242, peaking at a maximum of $1,518, and averaging at $1,380.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,683, a maximum of $2,057, and an average of $1,870.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,908 to a maximum of $2,332, with an average of $2,120.

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 Lexington, KY 40515 Low Rent (90%) $846 $1,035 $1,242 $1,683 $1,908
Average Rent $940 $1,150 $1,380 $1,870 $2,120
High Rent(110%) $1,034 $1,265 $1,518 $2,057 $2,332
2023 Lexington, KY 40515 Low Rent (90%) $765 $909 $1,107 $1,512 $1,746
Average Rent $850 $1,010 $1,230 $1,680 $1,940
High Rent (110%) $935 $1,111 $1,353 $1,848 $2,134
2022 Lexington, KY 40515 Low Rent (90%) $675 $792 $972 $1,341 $1,593
Average Rent $750 $880 $1,080 $1,490 $1,770
High Rent(110%) $825 $968 $1,188 $1,639 $1,947
2021 Lexington, KY 40515 Low Rent (90%) $675 $783 $981 $1,350 $1,647
Average Rent $750 $870 $1,090 $1,500 $1,830
High Rent (110%) $825 $957 $1,199 $1,650 $2,013
2020 Lexington, KY 40515 Low Rent (90%) $648 $738 $936 $1,296 $1,629
Average Rent $720 $820 $1,040 $1,440 $1,810
High Rent(110%) $792 $902 $1,144 $1,584 $1,991
2019 Lexington, KY 40515 Low Rent (90%) $675 $765 $972 $1,359 $1,710
Average Rent $750 $850 $1,080 $1,510 $1,900
High Rent (110%) $825 $935 $1,188 $1,661 $2,090


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