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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Corolla, NC fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Corolla, NC is $1,610 a month. That is down 9.6% from $1,780 in FY 2026. Corolla is in the Virginia Beach-Norfolk-Newport News, VA-NC 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 North Carolina is $1,145, so Corolla is 41% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Corolla, NC
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,550
$1,400
−9.7%
$1,260–$1,540
1BR
$1,570
$1,420
−9.6%
$1,278–$1,562
2BR
$1,780
$1,610
−9.6%
$1,449–$1,771
3BR
$2,470
$2,230
−9.7%
$2,007–$2,453
4BR
$2,910
$2,620
−10.0%
$2,358–$2,882
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Corolla, NC
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,400
$1,420
$1,610
$2,230
$2,620
FY 2026
$1,550
$1,570
$1,780
$2,470
$2,910
FY 2025
$1,530
$1,540
$1,760
$2,450
$2,910
FY 2024
$1,180
$1,190
$1,380
$1,920
$2,340
FY 2023
$1,000
$1,020
$1,190
$1,670
$2,030
Questions about Corolla, NC rents
How much will Section 8 pay for a two-bedroom in Corolla, NC?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,610, that basic range is $1,449 to $1,771 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 Corolla, NC in?
Corolla, NC is in the Virginia Beach-Norfolk-Newport News, VA-NC 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 Corolla, NC for FY 2027?
The two-bedroom FMR fell 9.6%, from $1,780 in FY 2026 to $1,610 in FY 2027. Since FY 2023 it has risen 35.3%.
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