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

, 988'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 988 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 $576 to a high of $704, with an average of $640.
One-bedroom: One-bedroom rental prices vary, with a minimum of $603, a maximum of $737, and an average of $670.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $693, peaking at a maximum of $847, and averaging at $770.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $918, a maximum of $1,122, and an average of $1,020.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,098 to a maximum of $1,342, with an average of $1,220.

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 , 988 Low Rent (90%) $576 $603 $693 $918 $1,098
Average Rent $640 $670 $770 $1,020 $1,220
High Rent(110%) $704 $737 $847 $1,122 $1,342
2023 , 988 Low Rent (90%) $531 $540 $612 $873 $1,044
Average Rent $590 $600 $680 $970 $1,160
High Rent (110%) $649 $660 $748 $1,067 $1,276
2022 , 988 Low Rent (90%) $450 $495 $567 $756 $918
Average Rent $500 $550 $630 $840 $1,020
High Rent(110%) $550 $605 $693 $924 $1,122
2021 , 988 Low Rent (90%) $450 $495 $576 $765 $945
Average Rent $500 $550 $640 $850 $1,050
High Rent (110%) $550 $605 $704 $935 $1,155
2020 , 988 Low Rent (90%) $432 $468 $549 $729 $900
Average Rent $480 $520 $610 $810 $1,000
High Rent(110%) $528 $572 $671 $891 $1,100
2019 , 988 Low Rent (90%) $441 $477 $567 $756 $945
Average Rent $490 $530 $630 $840 $1,050
High Rent (110%) $539 $583 $693 $924 $1,155


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