FMR is below market; voucher rent may lag private rents.
0.83
1 BR
1 BR
0.95ratio
FMR$1,490
Market$1,570
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.95
2 BR
2 BR
0.85ratio
FMR$1,850
Market$2,170
vs market-$320
FMR is below market; voucher rent may lag private rents.
0.85
3 BR
3 BR
0.81ratio
FMR$2,270
Market$2,800
vs market-$530
FMR is below market; voucher rent may lag private rents.
0.81
4 BR
4 BR
0.80ratio
FMR$2,570
Market$3,200
vs market-$630
FMR is below market; voucher rent may lag private rents.
0.80
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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ZIP 02918 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02918 (Providence, RI) is $1,850 a month. That is up 6.9% from $1,730 in FY 2026. Providence is in the Providence-Fall River, RI-MA 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 $1,879. Among 47 ZIP codes in Providence County, 02918 is tied for the 28th-highest two-bedroom rent (county range $1,560–$2,720). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02918 is 2% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 02918
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,320
$1,400
+6.1%
$1,260–$1,540
1BR
$1,400
$1,490
+6.4%
$1,341–$1,639
2BR
$1,730
$1,850
+6.9%
$1,665–$2,035
3BR
$2,090
$2,270
+8.6%
$2,043–$2,497
4BR
$2,480
$2,570
+3.6%
$2,313–$2,827
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 02918
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,400
$1,490
$1,850
$2,270
$2,570
FY 2026
$1,320
$1,400
$1,730
$2,090
$2,480
FY 2025
$1,230
$1,320
$1,610
$1,940
$2,350
FY 2024
$1,290
$1,400
$1,690
$2,040
$2,530
FY 2023
$1,070
$1,170
$1,410
$1,720
$2,120
Two-bedroom rent in nearby Providence County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 02918?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,879, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,691 to $2,067 a month; under the ZIP-level Small Area FMR of $1,850 it would be $1,665 to $2,035. 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 02918 in?
ZIP 02918 is in the Providence-Fall River, RI-MA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,879.
How much did fair market rent change in ZIP 02918 for FY 2027?
The two-bedroom FMR rose 6.9%, from $1,730 in FY 2026 to $1,850 in FY 2027. Since FY 2023 it has risen 31.2%.
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