For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 12222 (Albany, NY) is $2,570 a month. That is up 38.9% from $1,850 in FY 2026. Albany is in the Albany-Schenectady-Troy, NY 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 $1,711. Among 60 ZIP codes in Albany County, 12222 has the highest two-bedroom rent (county range $1,540–$2,570). The median county two-bedroom FMR in New York is $1,385, so ZIP 12222 is 86% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 12222
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,320
$1,860
+40.9%
$1,674–$2,046
1BR
$1,540
$2,140
+39.0%
$1,926–$2,354
2BR
$1,850
$2,570
+38.9%
$2,313–$2,827
3BR
$2,220
$3,060
+37.8%
$2,754–$3,366
4BR
$2,450
$3,380
+38.0%
$3,042–$3,718
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 12222
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,860
$2,140
$2,570
$3,060
$3,380
FY 2026
$1,320
$1,540
$1,850
$2,220
$2,450
FY 2025
$1,170
$1,340
$1,620
$1,950
$2,150
FY 2024
$1,130
$1,260
$1,530
$1,850
$2,030
FY 2023
$980
$1,090
$1,330
$1,620
$1,790
Two-bedroom rent in nearby Albany County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 12222?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,711, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,540 to $1,882 a month; under the ZIP-level Small Area FMR of $2,570 it would be $2,313 to $2,827. 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 12222 in?
ZIP 12222 is in the Albany-Schenectady-Troy, NY MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,711.
How much did fair market rent change in ZIP 12222 for FY 2027?
The two-bedroom FMR rose 38.9%, from $1,850 in FY 2026 to $2,570 in FY 2027. Since FY 2023 it has risen 93.2%.
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