FMR is near market; voucher and private rents are aligned.
0.97
3 BR
3 BR
1.03ratio
FMR$2,070
Market$2,000
vs market+$70
FMR is near market; voucher and private rents are aligned.
1.03
4 BR
4 BR
0.91ratio
FMR$2,440
Market$2,670
vs market-$230
FMR is near market; voucher and private rents are aligned.
0.91
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 23705 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23705 (Portsmouth, VA) is $1,500 a month. That is down 3.8% from $1,560 in FY 2026. Portsmouth is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 10 ZIP codes in Portsmouth City, 23705 has the 8th-highest two-bedroom rent (county range $1,320–$1,930). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23705 is 19% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23705
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,360
$1,320
−2.9%
$1,188–$1,452
1BR
$1,380
$1,340
−2.9%
$1,206–$1,474
2BR
$1,560
$1,500
−3.8%
$1,350–$1,650
3BR
$2,160
$2,070
−4.2%
$1,863–$2,277
4BR
$2,550
$2,440
−4.3%
$2,196–$2,684
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23705
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,320
$1,340
$1,500
$2,070
$2,440
FY 2026
$1,360
$1,380
$1,560
$2,160
$2,550
FY 2025
$1,350
$1,360
$1,550
$2,160
$2,570
FY 2024
$1,160
$1,160
$1,350
$1,880
$2,290
FY 2023
$1,010
$1,030
$1,200
$1,680
$2,040
Two-bedroom rent in nearby Portsmouth City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23705?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,500, that basic range is $1,350 to $1,650 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 23705 in?
ZIP 23705 is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 23705 for FY 2027?
The two-bedroom FMR fell 3.8%, from $1,560 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 25.0%.
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