FMR is near market; voucher and private rents are aligned.
0.98
1 BR
1 BR
0.98ratio
FMR$1,390
Market$1,420
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.98
2 BR
2 BR
0.87ratio
FMR$1,720
Market$1,970
vs market-$250
FMR is below market; voucher rent may lag private rents.
0.87
3 BR
3 BR
0.96ratio
FMR$2,150
Market$2,250
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.96
4 BR
4 BR
0.90ratio
FMR$2,390
Market$2,650
vs market-$260
FMR is near market; voucher and private rents are aligned.
0.90
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 21203 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21203 (Baltimore, MD) is $1,720 a month. That is down 2.8% from $1,770 in FY 2026. Baltimore is in the Baltimore-Columbia-Towson, MD 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 $2,006. Among 36 ZIP codes in Baltimore City, 21203 is tied for the 17th-highest two-bedroom rent (county range $1,680–$2,410). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21203 is 8% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 21203
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,270
$1,310
+3.1%
$1,179–$1,441
1BR
$1,450
$1,390
−4.1%
$1,251–$1,529
2BR
$1,770
$1,720
−2.8%
$1,548–$1,892
3BR
$2,280
$2,150
−5.7%
$1,935–$2,365
4BR
$2,550
$2,390
−6.3%
$2,151–$2,629
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 21203
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,310
$1,390
$1,720
$2,150
$2,390
FY 2026
$1,270
$1,450
$1,770
$2,280
$2,550
FY 2025
$1,250
$1,430
$1,750
$2,270
$2,570
FY 2024
$1,180
$1,350
$1,660
$2,150
$2,430
FY 2023
$930
$1,080
$1,330
$1,730
$1,970
Two-bedroom rent in nearby Baltimore City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 21203?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,006, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,805 to $2,207 a month; under the ZIP-level Small Area FMR of $1,720 it would be $1,548 to $1,892. 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 21203 in?
ZIP 21203 is in the Baltimore-Columbia-Towson, MD MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,006.
How much did fair market rent change in ZIP 21203 for FY 2027?
The two-bedroom FMR fell 2.8%, from $1,770 in FY 2026 to $1,720 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