FMR is below market; voucher rent may lag private rents.
0.74
1 BR
1 BR- 38019
0.79ratio
FMR$930
Market$1,180
vs market-$250
FMR is below market; voucher rent may lag private rents.
0.79
2 BR
2 BR- 38019
0.88ratio
FMR$1,020
Market$1,160
vs market-$140
FMR is below market; voucher rent may lag private rents.
0.88
3 BR
3 BR- 38019
0.97ratio
FMR$1,350
Market$1,390
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.97
4 BR
4 BR- 38019
1.02ratio
FMR$1,550
Market$1,520
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.02
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Covington, TN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Covington, TN is $1,020 a month. That is down 3.8% from $1,060 in FY 2026. Covington is in the Memphis, TN-MS-AR 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 Tennessee is $1,048, so Covington is 3% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Covington, TN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$840
$860
+2.4%
$774–$946
1BR
$940
$930
−1.1%
$837–$1,023
2BR
$1,060
$1,020
−3.8%
$918–$1,122
3BR
$1,390
$1,350
−2.9%
$1,215–$1,485
4BR
$1,620
$1,550
−4.3%
$1,395–$1,705
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Covington, TN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$860
$930
$1,020
$1,350
$1,550
FY 2026
$840
$940
$1,060
$1,390
$1,620
FY 2025
$930
$1,040
$1,170
$1,540
$1,800
FY 2024
$820
$910
$1,030
$1,360
$1,580
FY 2023
$630
$720
$830
$1,100
$1,270
Questions about Covington, TN rents
How much will Section 8 pay for a two-bedroom in Covington, TN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,020, that basic range is $918 to $1,122 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 Covington, TN in?
Covington, TN is in the Memphis, TN-MS-AR 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 Covington, TN for FY 2027?
The two-bedroom FMR fell 3.8%, from $1,060 in FY 2026 to $1,020 in FY 2027. Since FY 2023 it has risen 22.9%.
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