FMR is below market; voucher rent may lag private rents.
0.77
1 BR
1 BR- 44072
0.87ratio
FMR$1,510
Market$1,730
vs market-$220
FMR is below market; voucher rent may lag private rents.
0.87
2 BR
2 BR- 44072
0.91ratio
FMR$1,830
Market$2,020
vs market-$190
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR- 44072
0.89ratio
FMR$2,340
Market$2,630
vs market-$290
FMR is below market; voucher rent may lag private rents.
0.89
4 BR
4 BR- 44072
0.92ratio
FMR$2,520
Market$2,740
vs market-$220
FMR is near market; voucher and private rents are aligned.
0.92
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
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Novelty, OH fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Novelty, OH is $1,830 a month. That is down 2.1% from $1,870 in FY 2026. Novelty is in the Cleveland, OH 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 Ohio is $1,048, so Novelty is 75% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Novelty, OH
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,360
$1,330
−2.2%
$1,197–$1,463
1BR
$1,550
$1,510
−2.6%
$1,359–$1,661
2BR
$1,870
$1,830
−2.1%
$1,647–$2,013
3BR
$2,410
$2,340
−2.9%
$2,106–$2,574
4BR
$2,570
$2,520
−1.9%
$2,268–$2,772
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Novelty, OH
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,330
$1,510
$1,830
$2,340
$2,520
FY 2026
$1,360
$1,550
$1,870
$2,410
$2,570
FY 2025
$1,320
$1,490
$1,810
$2,330
$2,500
FY 2024
$1,210
$1,370
$1,660
$2,150
$2,290
FY 2023
$940
$1,070
$1,310
$1,700
$1,800
Questions about Novelty, OH rents
How much will Section 8 pay for a two-bedroom in Novelty, OH?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,830, that basic range is $1,647 to $2,013 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 Novelty, OH in?
Novelty, OH is in the Cleveland, OH 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 Novelty, OH for FY 2027?
The two-bedroom FMR fell 2.1%, from $1,870 in FY 2026 to $1,830 in FY 2027. Since FY 2023 it has risen 39.7%.
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