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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Prospect, VA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Prospect, VA is $1,070 a month. That is down 0.9% from $1,080 in FY 2026. Prospect is in the Lynchburg, VA MSA. 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 $1,117. The median county two-bedroom FMR in Virginia is $1,262, so Prospect is 15% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Prospect, VA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$940
$930
−1.1%
$837–$1,023
1BR
$960
$930
−3.1%
$837–$1,023
2BR
$1,080
$1,070
−0.9%
$963–$1,177
3BR
$1,490
$1,480
−0.7%
$1,332–$1,628
4BR
$1,610
$1,580
−1.9%
$1,422–$1,738
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Prospect, VA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$930
$930
$1,070
$1,480
$1,580
FY 2026
$940
$960
$1,080
$1,490
$1,610
FY 2025
$860
$870
$990
$1,350
$1,470
FY 2024
$780
$800
$910
$1,240
$1,350
FY 2023
$770
$780
$890
$1,200
$1,330
Questions about Prospect, VA rents
How much will Section 8 pay for a two-bedroom in Prospect, VA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,117, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,005 to $1,229 a month; under the ZIP-level Small Area FMR of $1,070 it would be $963 to $1,177. 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 Prospect, VA in?
Prospect, VA is in the Lynchburg, VA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,117.
How much did fair market rent change in Prospect, VA for FY 2027?
The two-bedroom FMR fell 0.9%, from $1,080 in FY 2026 to $1,070 in FY 2027. Since FY 2023 it has risen 20.2%.
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