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

, 694'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 694 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 $441 to a high of $539, with an average of $490.
One-bedroom: One-bedroom rental prices vary, with a minimum of $468, a maximum of $572, and an average of $520.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $531, peaking at a maximum of $649, and averaging at $590.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $702, a maximum of $858, and an average of $780.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $837 to a maximum of $1,023, with an average of $930.

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 , 694 Low Rent (90%) $441 $468 $531 $702 $837
Average Rent $490 $520 $590 $780 $930
High Rent(110%) $539 $572 $649 $858 $1,023
2023 , 694 Low Rent (90%) $414 $423 $477 $675 $810
Average Rent $460 $470 $530 $750 $900
High Rent (110%) $506 $517 $583 $825 $990
2022 , 694 Low Rent (90%) $360 $387 $459 $603 $738
Average Rent $400 $430 $510 $670 $820
High Rent(110%) $440 $473 $561 $737 $902
2021 , 694 Low Rent (90%) $369 $405 $468 $621 $765
Average Rent $410 $450 $520 $690 $850
High Rent (110%) $451 $495 $572 $759 $935
2020 , 694 Low Rent (90%) $351 $378 $450 $594 $747
Average Rent $390 $420 $500 $660 $830
High Rent(110%) $429 $462 $550 $726 $913
2019 , 694 Low Rent (90%) $351 $378 $450 $594 $747
Average Rent $390 $420 $500 $660 $830
High Rent (110%) $429 $462 $550 $726 $913


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