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

Leaf River, IL 61047'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 61047 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 $621 to a high of $759, with an average of $690.
One-bedroom: One-bedroom rental prices vary, with a minimum of $702, a maximum of $858, and an average of $780.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $918, peaking at a maximum of $1,122, and averaging at $1,020.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,224, a maximum of $1,496, and an average of $1,360.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,269 to a maximum of $1,551, with an average of $1,410.

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 Leaf River, IL 61047 Low Rent (90%) $621 $702 $918 $1,224 $1,269
Average Rent $690 $780 $1,020 $1,360 $1,410
High Rent(110%) $759 $858 $1,122 $1,496 $1,551
2023 Leaf River, IL 61047 Low Rent (90%) $558 $639 $837 $1,125 $1,170
Average Rent $620 $710 $930 $1,250 $1,300
High Rent (110%) $682 $781 $1,023 $1,375 $1,430
2022 Leaf River, IL 61047 Low Rent (90%) $450 $513 $675 $918 $981
Average Rent $500 $570 $750 $1,020 $1,090
High Rent(110%) $550 $627 $825 $1,122 $1,199
2021 Leaf River, IL 61047 Low Rent (90%) $441 $513 $675 $909 $990
Average Rent $490 $570 $750 $1,010 $1,100
High Rent (110%) $539 $627 $825 $1,111 $1,210
2020 Leaf River, IL 61047 Low Rent (90%) $450 $522 $693 $936 $1,026
Average Rent $500 $580 $770 $1,040 $1,140
High Rent(110%) $550 $638 $847 $1,144 $1,254
2019 Leaf River, IL 61047 Low Rent (90%) $450 $513 $684 $927 $990
Average Rent $500 $570 $760 $1,030 $1,100
High Rent (110%) $550 $627 $836 $1,133 $1,210


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