City Median Investment Score
49Below average
| BR | FMR | Eff. Rent | 3Y CAGR |
|---|---|---|---|
| 0 BR | $1,590 – $2,750▼ | $1,700 – $2,520 | 3.1% |
| 1 BR | $1,690 – $2,920▼ | $1,830 – $2,760 | 2.1% |
| 2 BR | $2,200 – $3,810▼ | $2,320 – $3,460 | 2.0% |
| 3 BR | $3,050 – $5,280▼ | $3,190 – $4,520 | 1.5% |
| 4 BR | $3,680 – $6,370▼ | $3,170 – $6,140 | 1.5% |
| 5 BR | $4,888▼ | —Not available | 1.5% |
| 6 BR | $5,621▼ | —Not available | 1.5% |
| 7 BR | $6,464▼ | —Not available | 1.5% |
| 8 BR | $7,433▼ | —Not available | 1.5% |
Public Housing Authority
Rolodex
Market Alignment
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
- FMR
- FY2027
- Market rent
- last ~365 days
- Property value
- --
- Tax rate
- --
- Mortgage rate
- --
Honolulu, HI fair market rent, FY 2027
For FY 2027, HUD's two-bedroom Small Area Fair Market Rent across the 33 ZIP codes in Honolulu, HI ranges from $2,200 to $3,810 a month, with a median of $2,540. That is down 3.8% from $2,640 in FY 2026. Honolulu is in the Urban Honolulu, HI MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Hawaii is $2,326, so Honolulu is 9% above it.
FY 2027 rent by bedroom
| Bedrooms | FY 2026 | FY 2027 | Change | 90–110% range |
|---|---|---|---|---|
| Studio | $1,880 | $1,830 | −2.7% | $1,647–$2,013 |
| 1BR | $2,010 | $1,950 | −3.0% | $1,755–$2,145 |
| 2BR | $2,640 | $2,540 | −3.8% | $2,286–$2,794 |
| 3BR | $3,670 | $3,520 | −4.1% | $3,168–$3,872 |
| 4BR | $4,430 | $4,250 | −4.1% | $3,825–$4,675 |
Fair market rent history, FY 2023–2027
| Fiscal year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY 2027 | $1,830 | $1,950 | $2,540 | $3,520 | $4,250 |
| FY 2026 | $1,880 | $2,010 | $2,640 | $3,670 | $4,430 |
| FY 2025 | $1,890 | $2,050 | $2,690 | $3,770 | $4,520 |
| FY 2024 | $1,670 | $1,830 | $2,390 | $3,370 | $4,060 |
| FY 2023 | $1,570 | $1,720 | $2,250 | $3,200 | $3,830 |
Two-bedroom rent by ZIP code
| ZIP code | 2 bedroom | vs. median |
|---|---|---|
| 96825 | $3,810 | +50.0% |
| 96818 | $3,450 | +35.8% |
| 96821 | $3,450 | +35.8% |
| 96815 | $3,190 | +25.6% |
| 96814 | $2,900 | +14.2% |
| 96801 | $2,540 | 0.0% |
| 96802 | $2,540 | 0.0% |
| 96803 | $2,540 | 0.0% |
| 96804 | $2,540 | 0.0% |
| 96805 | $2,540 | 0.0% |
| 96806 | $2,540 | 0.0% |
| 96807 | $2,540 | 0.0% |
| 96808 | $2,540 | 0.0% |
| 96809 | $2,540 | 0.0% |
| 96810 | $2,540 | 0.0% |
| 96811 | $2,540 | 0.0% |
| 96812 | $2,540 | 0.0% |
| 96820 | $2,540 | 0.0% |
| 96823 | $2,540 | 0.0% |
| 96824 | $2,540 | 0.0% |
| 96828 | $2,540 | 0.0% |
| 96830 | $2,540 | 0.0% |
| 96836 | $2,540 | 0.0% |
| 96837 | $2,540 | 0.0% |
Showing the 24 highest of 33 ZIP codes.
Questions about Honolulu, HI rents
How much will Section 8 pay for a two-bedroom in Honolulu, HI?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,540, that basic range is $2,286 to $2,794 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 Honolulu, HI in?
Honolulu, HI is in the Urban Honolulu, HI MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Honolulu, HI for FY 2027?
The two-bedroom FMR fell 3.8%, from $2,640 in FY 2026 to $2,540 in FY 2027. Since FY 2023 it has risen 12.9%.
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