FMR is near market; voucher and private rents are aligned.
1.02
1 BR
1 BR- 46131
1.10ratio
FMR$1,300
Market$1,180
vs market+$120
FMR is above market; underwrite to market rent.
1.10
2 BR
2 BR- 46131
0.98ratio
FMR$1,500
Market$1,530
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.98
3 BR
3 BR- 46131
1.07ratio
FMR$1,940
Market$1,820
vs market+$120
FMR is near market; voucher and private rents are aligned.
1.07
4 BR
4 BR- 46131
1.21ratio
FMR$2,370
Market$1,960
vs market+$410
FMR is above market; underwrite to market rent.
1.21
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
--
Franklin, IN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Franklin, IN is $1,500 a month. That is up 4.9% from $1,430 in FY 2026. Franklin is in the Indianapolis-Carmel, IN 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 Indiana is $1,086, so Franklin is 38% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Franklin, IN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,090
$1,160
+6.4%
$1,044–$1,276
1BR
$1,230
$1,300
+5.7%
$1,170–$1,430
2BR
$1,430
$1,500
+4.9%
$1,350–$1,650
3BR
$1,850
$1,940
+4.9%
$1,746–$2,134
4BR
$2,270
$2,370
+4.4%
$2,133–$2,607
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Franklin, IN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,160
$1,300
$1,500
$1,940
$2,370
FY 2026
$1,090
$1,230
$1,430
$1,850
$2,270
FY 2025
$920
$1,050
$1,230
$1,600
$1,940
FY 2024
$950
$1,100
$1,300
$1,690
$2,050
FY 2023
$750
$870
$1,030
$1,350
$1,620
Questions about Franklin, IN rents
How much will Section 8 pay for a two-bedroom in Franklin, IN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,500, that basic range is $1,350 to $1,650 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 Franklin, IN in?
Franklin, IN is in the Indianapolis-Carmel, IN 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 Franklin, IN for FY 2027?
The two-bedroom FMR rose 4.9%, from $1,430 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 45.6%.
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