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

Viola, IL 61486'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 61486 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 $522 to a high of $638, with an average of $580.
One-bedroom: One-bedroom rental prices vary, with a minimum of $630, a maximum of $770, and an average of $700.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $774, peaking at a maximum of $946, and averaging at $860.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,017, a maximum of $1,243, and an average of $1,130.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,170 to a maximum of $1,430, with an average of $1,300.

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 Viola, IL 61486 Low Rent (90%) $522 $630 $774 $1,017 $1,170
Average Rent $580 $700 $860 $1,130 $1,300
High Rent(110%) $638 $770 $946 $1,243 $1,430
2023 Viola, IL 61486 Low Rent (90%) $477 $576 $720 $945 $1,071
Average Rent $530 $640 $800 $1,050 $1,190
High Rent (110%) $583 $704 $880 $1,155 $1,309
2022 Viola, IL 61486 Low Rent (90%) $441 $540 $666 $882 $999
Average Rent $490 $600 $740 $980 $1,110
High Rent(110%) $539 $660 $814 $1,078 $1,221
2021 Viola, IL 61486 Low Rent (90%) $432 $513 $648 $864 $972
Average Rent $480 $570 $720 $960 $1,080
High Rent (110%) $528 $627 $792 $1,056 $1,188
2020 Viola, IL 61486 Low Rent (90%) $459 $531 $675 $882 $999
Average Rent $510 $590 $750 $980 $1,110
High Rent(110%) $561 $649 $825 $1,078 $1,221
2019 Viola, IL 61486 Low Rent (90%) $423 $495 $639 $828 $927
Average Rent $470 $550 $710 $920 $1,030
High Rent (110%) $517 $605 $781 $1,012 $1,133


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