Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Chester, SD fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Chester, SD is $1,410 a month. That is up 14.6% from $1,230 in FY 2026. Chester is in the Sioux Falls, SD HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,228. The median county two-bedroom FMR in South Dakota is $1,033, so Chester is 36% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Chester, SD
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$980
+15.3%
$882–$1,078
1BR
$940
$1,080
+14.9%
$972–$1,188
2BR
$1,230
$1,410
+14.6%
$1,269–$1,551
3BR
$1,470
$1,680
+14.3%
$1,512–$1,848
4BR
$2,060
$2,360
+14.6%
$2,124–$2,596
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Chester, SD
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$980
$1,080
$1,410
$1,680
$2,360
FY 2026
$850
$940
$1,230
$1,470
$2,060
FY 2025
$780
$870
$1,140
$1,450
$1,870
FY 2024
$750
$860
$1,010
$1,370
$1,710
FY 2023
$700
$780
$930
$1,250
$1,580
Questions about Chester, SD rents
How much will Section 8 pay for a two-bedroom in Chester, SD?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,228, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,105 to $1,351 a month; under the ZIP-level Small Area FMR of $1,410 it would be $1,269 to $1,551. 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 Chester, SD in?
Chester, SD is in the Sioux Falls, SD HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,228.
How much did fair market rent change in Chester, SD for FY 2027?
The two-bedroom FMR rose 14.6%, from $1,230 in FY 2026 to $1,410 in FY 2027. Since FY 2023 it has risen 51.6%.
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