FMR is near market; voucher and private rents are aligned.
1.05
3 BR
3 BR
1.16ratio
FMR$2,160
Market$1,870
vs market+$290
FMR is above market; underwrite to market rent.
1.16
4 BR
4 BR
1.27ratio
FMR$2,650
Market$2,090
vs market+$560
FMR is above market; underwrite to market rent.
1.27
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 23298 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23298 (Richmond, VA) is $1,750 a month. That is up 2.3% from $1,710 in FY 2026. Richmond is in the Richmond, VA HUD Metro FMR Area. 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 $1,651. Among 26 ZIP codes in Richmond City, 23298 is tied for the 10th-highest two-bedroom rent (county range $1,490–$2,040). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23298 is 39% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23298
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,490
$1,540
+3.4%
$1,386–$1,694
1BR
$1,560
$1,610
+3.2%
$1,449–$1,771
2BR
$1,710
$1,750
+2.3%
$1,575–$1,925
3BR
$2,140
$2,160
+0.9%
$1,944–$2,376
4BR
$2,640
$2,650
+0.4%
$2,385–$2,915
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23298
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,540
$1,610
$1,750
$2,160
$2,650
FY 2026
$1,490
$1,560
$1,710
$2,140
$2,640
FY 2025
$1,530
$1,590
$1,760
$2,230
$2,750
FY 2024
$1,270
$1,300
$1,460
$1,870
$2,280
FY 2023
$1,090
$1,120
$1,260
$1,630
$1,980
Two-bedroom rent in nearby Richmond City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23298?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,651, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,486 to $1,816 a month; under the ZIP-level Small Area FMR of $1,750 it would be $1,575 to $1,925. 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 23298 in?
ZIP 23298 is in the Richmond, VA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,651.
How much did fair market rent change in ZIP 23298 for FY 2027?
The two-bedroom FMR rose 2.3%, from $1,710 in FY 2026 to $1,750 in FY 2027. Since FY 2023 it has risen 38.9%.
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