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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Franklin, VA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Franklin, VA is $1,110 a month. That is up 0.9% from $1,100 in FY 2026. Franklin 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 Virginia is $1,262, so Franklin is 12% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Franklin, VA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$870
$940
+8.0%
$846–$1,034
1BR
$870
$970
+11.5%
$873–$1,067
2BR
$1,100
$1,110
+0.9%
$999–$1,221
3BR
$1,440
$1,500
+4.2%
$1,350–$1,650
4BR
$1,840
$1,850
+0.5%
$1,665–$2,035
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Franklin, VA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$940
$970
$1,110
$1,500
$1,850
FY 2026
$870
$870
$1,100
$1,440
$1,840
FY 2025
$910
$910
$1,180
$1,520
$1,980
FY 2024
$910
$920
$1,060
$1,360
$1,800
FY 2023
$810
$820
$960
$1,320
$1,640
Questions about Franklin, VA rents
How much will Section 8 pay for a two-bedroom in Franklin, VA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,110, that basic range is $999 to $1,221 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, VA in?
Franklin, VA 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 Franklin, VA for FY 2027?
The two-bedroom FMR rose 0.9%, from $1,100 in FY 2026 to $1,110 in FY 2027. Since FY 2023 it has risen 15.6%.
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