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

Oakwood, IL 61858'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 61858 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 $585 to a high of $715, with an average of $650.
One-bedroom: One-bedroom rental prices vary, with a minimum of $612, a maximum of $748, and an average of $680.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $810, peaking at a maximum of $990, and averaging at $900.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,008, a maximum of $1,232, and an average of $1,120.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,080 to a maximum of $1,320, with an average of $1,200.

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 Oakwood, IL 61858 Low Rent (90%) $585 $612 $810 $1,008 $1,080
Average Rent $650 $680 $900 $1,120 $1,200
High Rent(110%) $715 $748 $990 $1,232 $1,320
2023 Oakwood, IL 61858 Low Rent (90%) $576 $594 $783 $990 $1,053
Average Rent $640 $660 $870 $1,100 $1,170
High Rent (110%) $704 $726 $957 $1,210 $1,287
2022 Oakwood, IL 61858 Low Rent (90%) $540 $549 $720 $936 $972
Average Rent $600 $610 $800 $1,040 $1,080
High Rent(110%) $660 $671 $880 $1,144 $1,188
2021 Oakwood, IL 61858 Low Rent (90%) $468 $531 $702 $927 $954
Average Rent $520 $590 $780 $1,030 $1,060
High Rent (110%) $572 $649 $858 $1,133 $1,166
2020 Oakwood, IL 61858 Low Rent (90%) $432 $504 $657 $864 $891
Average Rent $480 $560 $730 $960 $990
High Rent(110%) $528 $616 $803 $1,056 $1,089
2019 Oakwood, IL 61858 Low Rent (90%) $414 $495 $648 $819 $873
Average Rent $460 $550 $720 $910 $970
High Rent (110%) $506 $605 $792 $1,001 $1,067


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