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

Henry, IL 61537'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 61537 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 $576, a maximum of $704, and an average of $640.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $729, peaking at a maximum of $891, and averaging at $810.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $945, a maximum of $1,155, and an average of $1,050.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $981 to a maximum of $1,199, with an average of $1,090.

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 Henry, IL 61537 Low Rent (90%) $522 $576 $729 $945 $981
Average Rent $580 $640 $810 $1,050 $1,090
High Rent(110%) $638 $704 $891 $1,155 $1,199
2023 Henry, IL 61537 Low Rent (90%) $495 $549 $693 $918 $954
Average Rent $550 $610 $770 $1,020 $1,060
High Rent (110%) $605 $671 $847 $1,122 $1,166
2022 Henry, IL 61537 Low Rent (90%) $513 $549 $702 $900 $963
Average Rent $570 $610 $780 $1,000 $1,070
High Rent(110%) $627 $671 $858 $1,100 $1,177
2021 Henry, IL 61537 Low Rent (90%) $495 $531 $675 $873 $927
Average Rent $550 $590 $750 $970 $1,030
High Rent (110%) $605 $649 $825 $1,067 $1,133
2020 Henry, IL 61537 Low Rent (90%) $468 $513 $648 $828 $936
Average Rent $520 $570 $720 $920 $1,040
High Rent(110%) $572 $627 $792 $1,012 $1,144
2019 Henry, IL 61537 Low Rent (90%) $450 $495 $639 $810 $918
Average Rent $500 $550 $710 $900 $1,020
High Rent (110%) $550 $605 $781 $990 $1,122


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