FMR is near market; voucher and private rents are aligned.
1.02
3 BR
3 BR
1.12ratio
FMR$2,509
Market$2,250
vs market+$259
FMR is above market; underwrite to market rent.
1.12
4 BR
4 BR
1.05ratio
FMR$2,789
Market$2,650
vs market+$139
FMR is near market; voucher and private rents are aligned.
1.05
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 21235 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 21235 (Baltimore, MD) is $2,006 a month. That is up 8.0% from $1,857 in FY 2026. Baltimore is in the Baltimore-Columbia-Towson, MD MSA. The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21235 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 21235
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,362
$1,523
+11.8%
$1,371–$1,675
1BR
$1,511
$1,625
+7.5%
$1,463–$1,788
2BR
$1,857
$2,006
+8.0%
$1,805–$2,207
3BR
$2,358
$2,509
+6.4%
$2,258–$2,760
4BR
$2,611
$2,789
+6.8%
$2,510–$3,068
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 21235
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,523
$1,625
$2,006
$2,509
$2,789
FY 2026
$1,362
$1,511
$1,857
$2,358
$2,611
FY 2025
$1,407
$1,604
$1,965
$2,529
$2,826
FY 2024
$1,379
$1,582
$1,943
$2,519
$2,849
FY 2023
$1,082
$1,254
$1,548
$2,009
$2,298
Questions about ZIP 21235 rents
How much will Section 8 pay for a two-bedroom in ZIP 21235?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,006, that basic range is $1,805 to $2,207 a month. 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 21235 in?
ZIP 21235 is in the Baltimore-Columbia-Towson, MD MSA. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 21235 for FY 2027?
The two-bedroom FMR rose 8.0%, from $1,857 in FY 2026 to $2,006 in FY 2027. Since FY 2023 it has risen 29.6%.
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 Fair Market Rents. 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