For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Nevada, IA is $1,040 a month. That is up 4.0% from $1,000 in FY 2026. Nevada is in the Ames, IA 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 $1,061. The median county two-bedroom FMR in Iowa is $927, so Nevada is 12% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Nevada, IA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$840
$880
+4.8%
$792–$968
1BR
$890
$930
+4.5%
$837–$1,023
2BR
$1,000
$1,040
+4.0%
$936–$1,144
3BR
$1,390
$1,450
+4.3%
$1,305–$1,595
4BR
$1,680
$1,750
+4.2%
$1,575–$1,925
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Nevada, IA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$930
$1,040
$1,450
$1,750
FY 2026
$840
$890
$1,000
$1,390
$1,680
FY 2025
$770
$830
$930
$1,320
$1,580
FY 2024
$720
$780
$890
$1,260
$1,510
FY 2023
$710
$720
$850
$1,210
$1,430
Questions about Nevada, IA rents
How much will Section 8 pay for a two-bedroom in Nevada, IA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,061, which applies unless the housing authority uses Small Area FMRs, that basic range is $955 to $1,167 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. 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 Nevada, IA in?
Nevada, IA is in the Ames, IA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,061.
How much did fair market rent change in Nevada, IA for FY 2027?
The two-bedroom FMR rose 4.0%, from $1,000 in FY 2026 to $1,040 in FY 2027. Since FY 2023 it has risen 22.4%.
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