FMR is below market; voucher rent may lag private rents.
0.74
1 BR
1 BR
0.69ratio
FMR$1,509
Market$2,200
vs market-$691
FMR is below market; voucher rent may lag private rents.
0.69
2 BR
2 BR
0.78ratio
FMR$1,879
Market$2,410
vs market-$531
FMR is below market; voucher rent may lag private rents.
0.78
3 BR
3 BR
0.78ratio
FMR$2,302
Market$2,960
vs market-$658
FMR is below market; voucher rent may lag private rents.
0.78
4 BR
4 BR
1.00ratio
FMR$2,615
Market$2,610
vs market+$5
FMR is near market; voucher and private rents are aligned.
1.00
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
--
ZIP 02902 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 02902 (Providence, RI) is $1,879 a month. That is up 8.7% from $1,729 in FY 2026. Providence is in the Providence-Fall River, RI-MA HUD Metro FMR Area.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 02902
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,318
$1,423
+8.0%
$1,281–$1,565
1BR
$1,402
$1,509
+7.6%
$1,358–$1,660
2BR
$1,729
$1,879
+8.7%
$1,691–$2,067
3BR
$2,087
$2,302
+10.3%
$2,072–$2,532
4BR
$2,480
$2,615
+5.4%
$2,354–$2,877
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 02902
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,423
$1,509
$1,879
$2,302
$2,615
FY 2026
$1,318
$1,402
$1,729
$2,087
$2,480
FY 2025
$1,233
$1,319
$1,614
$1,945
$2,359
FY 2024
$1,289
$1,398
$1,693
$2,047
$2,536
FY 2023
$1,066
$1,171
$1,409
$1,715
$2,118
Questions about ZIP 02902 rents
How much will Section 8 pay for a two-bedroom in ZIP 02902?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,879, that basic range is $1,691 to $2,067 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 ZIP 02902 in?
ZIP 02902 is in the Providence-Fall River, RI-MA HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 02902 for FY 2027?
The two-bedroom FMR rose 8.7%, from $1,729 in FY 2026 to $1,879 in FY 2027. Since FY 2023 it has risen 33.4%.
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 Fair Market Rents. 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