For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Algonquin, IL is $2,690 a month. That is up 11.2% from $2,420 in FY 2026. Algonquin is in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Illinois is $958, so Algonquin is 181% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Algonquin, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,010
$2,240
+11.4%
$2,016–$2,464
1BR
$2,150
$2,380
+10.7%
$2,142–$2,618
2BR
$2,420
$2,690
+11.2%
$2,421–$2,959
3BR
$3,120
$3,460
+10.9%
$3,114–$3,806
4BR
$3,600
$3,950
+9.7%
$3,555–$4,345
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Algonquin, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,240
$2,380
$2,690
$3,460
$3,950
FY 2026
$2,010
$2,150
$2,420
$3,120
$3,600
FY 2025
$2,010
$2,150
$2,430
$3,120
$3,670
FY 2024
$1,950
$2,100
$2,390
$3,040
$3,600
FY 2023
$1,640
$1,780
$2,040
$2,590
$3,080
Questions about Algonquin, IL rents
How much will Section 8 pay for a two-bedroom in Algonquin, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,690, that basic range is $2,421 to $2,959 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Algonquin, IL in?
Algonquin, IL is in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Algonquin, IL for FY 2027?
The two-bedroom FMR rose 11.2%, from $2,420 in FY 2026 to $2,690 in FY 2027. Since FY 2023 it has risen 31.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set