FMR is below market; voucher rent may lag private rents.
0.88
1 BR
1 BR
0.95ratio
FMR$1,320
Market$1,390
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.95
2 BR
2 BR
0.91ratio
FMR$1,590
Market$1,750
vs market-$160
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
0.94ratio
FMR$1,890
Market$2,020
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.94
4 BR
4 BR
0.96ratio
FMR$2,090
Market$2,170
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.96
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 12345 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 12345 (Schenectady, NY) is $1,590 a month. That is unchanged from FY 2026. Schenectady 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 22 ZIP codes in Schenectady County, 12345 is tied for the 10th-highest two-bedroom rent (county range $1,540–$1,920). The median county two-bedroom FMR in New York is $1,385, so ZIP 12345 is 15% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 12345
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,140
$1,150
+0.9%
$1,035–$1,265
1BR
$1,320
$1,320
0.0%
$1,188–$1,452
2BR
$1,590
$1,590
0.0%
$1,431–$1,749
3BR
$1,910
$1,890
−1.0%
$1,701–$2,079
4BR
$2,110
$2,090
−0.9%
$1,881–$2,299
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 12345
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,150
$1,320
$1,590
$1,890
$2,090
FY 2026
$1,140
$1,320
$1,590
$1,910
$2,110
FY 2025
$1,000
$1,150
$1,390
$1,670
$1,840
FY 2024
$940
$1,050
$1,280
$1,550
$1,700
FY 2023
$910
$1,010
$1,230
$1,500
$1,650
Two-bedroom rent in nearby Schenectady County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 12345?
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 $1,590 it would be $1,431 to $1,749. 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 12345 in?
ZIP 12345 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 12345 for FY 2027?
The two-bedroom FMR was unchanged at $1,590 in FY 2027. Since FY 2023 it has risen 29.3%.
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