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

Santa Fe, NM 87504'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 87504 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 $1,053 to a high of $1,287, with an average of $1,170.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,188, a maximum of $1,452, and an average of $1,320.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,386, peaking at a maximum of $1,694, and averaging at $1,540.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,773, a maximum of $2,167, and an average of $1,970.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,845 to a maximum of $2,255, with an average of $2,050.

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 Santa Fe, NM 87504 Low Rent (90%) $1,053 $1,188 $1,386 $1,773 $1,845
Average Rent $1,170 $1,320 $1,540 $1,970 $2,050
High Rent(110%) $1,287 $1,452 $1,694 $2,167 $2,255
2023 Santa Fe, NM 87504 Low Rent (90%) $855 $981 $1,125 $1,440 $1,602
Average Rent $950 $1,090 $1,250 $1,600 $1,780
High Rent (110%) $1,045 $1,199 $1,375 $1,760 $1,958
2022 Santa Fe, NM 87504 Low Rent (90%) $756 $873 $999 $1,269 $1,548
Average Rent $840 $970 $1,110 $1,410 $1,720
High Rent(110%) $924 $1,067 $1,221 $1,551 $1,892
2021 Santa Fe, NM 87504 Low Rent (90%) $720 $846 $963 $1,224 $1,413
Average Rent $800 $940 $1,070 $1,360 $1,570
High Rent (110%) $880 $1,034 $1,177 $1,496 $1,727
2020 Santa Fe, NM 87504 Low Rent (90%) $720 $837 $954 $1,242 $1,386
Average Rent $800 $930 $1,060 $1,380 $1,540
High Rent(110%) $880 $1,023 $1,166 $1,518 $1,694
2019 Santa Fe, NM 87504 Low Rent (90%) $738 $837 $963 $1,269 $1,395
Average Rent $820 $930 $1,070 $1,410 $1,550
High Rent (110%) $902 $1,023 $1,177 $1,551 $1,705


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