Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--
Hot Springs, SD fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Hot Springs, SD is $1,260 a month. That is up 10.5% from $1,140 in FY 2026. Hot Springs is in the Custer County, SD HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,242. The median county two-bedroom FMR in South Dakota is $1,033, so Hot Springs is 22% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Hot Springs, SD
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$790
$880
+11.4%
$792–$968
1BR
$870
$960
+10.3%
$864–$1,056
2BR
$1,140
$1,260
+10.5%
$1,134–$1,386
3BR
$1,390
$1,590
+14.4%
$1,431–$1,749
4BR
$1,780
$2,000
+12.4%
$1,800–$2,200
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Hot Springs, SD
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$960
$1,260
$1,590
$2,000
FY 2026
$790
$870
$1,140
$1,390
$1,780
FY 2025
$730
$820
$1,080
$1,460
$1,730
FY 2024area FMR
$779
$875
$1,150
$1,621
$1,848
FY 2023area FMR
$735
$802
$1,056
$1,389
$1,722
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Hot Springs, SD rents
How much will Section 8 pay for a two-bedroom in Hot Springs, SD?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,242, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,118 to $1,366 a month; under the ZIP-level Small Area FMR of $1,260 it would be $1,134 to $1,386. 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 Hot Springs, SD in?
Hot Springs, SD is in the Custer County, SD HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,242.
How much did fair market rent change in Hot Springs, SD for FY 2027?
The two-bedroom FMR rose 10.5%, from $1,140 in FY 2026 to $1,260 in FY 2027. Since FY 2025 it has risen 16.7%.
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