FMR is near market; voucher and private rents are aligned.
1.00
3 BR
3 BR
0.86ratio
FMR$3,060
Market$3,540
vs market-$480
FMR is below market; voucher rent may lag private rents.
0.86
4 BR
4 BR
0.74ratio
FMR$3,180
Market$4,270
vs market-$1,090
FMR is below market; voucher rent may lag private rents.
0.74
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 05405 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 05405 (Burlington, VT) is $2,420 a month. That is up 3.4% from $2,340 in FY 2026. Burlington is in the Burlington-South Burlington, VT 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 $2,165. Among 28 ZIP codes in Chittenden County, 05405 is tied for the 2nd-highest two-bedroom rent (county range $1,930–$2,630). The median county two-bedroom FMR in Vermont is $1,570, so ZIP 05405 is 54% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 05405
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,640
$1,730
+5.5%
$1,557–$1,903
1BR
$1,810
$1,920
+6.1%
$1,728–$2,112
2BR
$2,340
$2,420
+3.4%
$2,178–$2,662
3BR
$3,010
$3,060
+1.7%
$2,754–$3,366
4BR
$3,110
$3,180
+2.3%
$2,862–$3,498
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 05405
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,730
$1,920
$2,420
$3,060
$3,180
FY 2026
$1,640
$1,810
$2,340
$3,010
$3,110
FY 2025
$1,460
$1,560
$2,050
$2,640
$2,710
FY 2024
$1,450
$1,550
$2,030
$2,580
$2,710
FY 2023
$1,240
$1,340
$1,760
$2,160
$2,360
Two-bedroom rent in nearby Chittenden County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 05405?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,165, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,949 to $2,382 a month; under the ZIP-level Small Area FMR of $2,420 it would be $2,178 to $2,662. 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 05405 in?
ZIP 05405 is in the Burlington-South Burlington, VT MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,165.
How much did fair market rent change in ZIP 05405 for FY 2027?
The two-bedroom FMR rose 3.4%, from $2,340 in FY 2026 to $2,420 in FY 2027. Since FY 2023 it has risen 37.5%.
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