FMR is near market; voucher and private rents are aligned.
1.09
4 BR
4 BR
1.06ratio
FMR$2,480
Market$2,340
vs market+$140
FMR is near market; voucher and private rents are aligned.
1.06
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
--
Mortgage rate
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ZIP 23709 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23709 (Portsmouth, VA) is $1,520 a month. That is down 4.4% from $1,590 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, 23709 is tied for the 6th-highest two-bedroom rent (county range $1,320–$1,930). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23709 is 20% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23709
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,380
$1,340
−2.9%
$1,206–$1,474
1BR
$1,400
$1,360
−2.9%
$1,224–$1,496
2BR
$1,590
$1,520
−4.4%
$1,368–$1,672
3BR
$2,200
$2,100
−4.5%
$1,890–$2,310
4BR
$2,590
$2,480
−4.2%
$2,232–$2,728
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23709
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,340
$1,360
$1,520
$2,100
$2,480
FY 2026
$1,380
$1,400
$1,590
$2,200
$2,590
FY 2025
$1,320
$1,330
$1,510
$2,110
$2,510
FY 2024
$1,140
$1,150
$1,330
$1,850
$2,260
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 23709?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,520, that basic range is $1,368 to $1,672 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 23709 in?
ZIP 23709 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 23709 for FY 2027?
The two-bedroom FMR fell 4.4%, from $1,590 in FY 2026 to $1,520 in FY 2027. Since FY 2023 it has risen 26.7%.
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