FMR is near market; voucher and private rents are aligned.
1.06
3 BR
3 BR
1.19ratio
FMR$2,370
Market$2,000
vs market+$370
FMR is above market; underwrite to market rent.
1.19
4 BR
4 BR
1.29ratio
FMR$2,720
Market$2,110
vs market+$610
FMR is above market; underwrite to market rent.
1.29
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 29423 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 29423 (Charleston, SC) is $1,910 a month. That is up 4.9% from $1,820 in FY 2026. Charleston is in the Charleston-North Charleston, SC MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 42 ZIP codes in Charleston County, 29423 is tied for the 16th-highest two-bedroom rent (county range $1,220–$2,830). The median county two-bedroom FMR in South Carolina is $1,098, so ZIP 29423 is 74% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 29423
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,590
$1,680
+5.7%
$1,512–$1,848
1BR
$1,660
$1,750
+5.4%
$1,575–$1,925
2BR
$1,820
$1,910
+4.9%
$1,719–$2,101
3BR
$2,260
$2,370
+4.9%
$2,133–$2,607
4BR
$2,610
$2,720
+4.2%
$2,448–$2,992
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 29423
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,680
$1,750
$1,910
$2,370
$2,720
FY 2026
$1,590
$1,660
$1,820
$2,260
$2,610
FY 2025
$1,620
$1,680
$1,860
$2,300
$2,710
FY 2024
$1,420
$1,460
$1,640
$2,030
$2,460
FY 2023
$1,360
$1,390
$1,570
$1,950
$2,450
Two-bedroom rent in nearby Charleston County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 29423?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,910, that basic range is $1,719 to $2,101 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 29423 in?
ZIP 29423 is in the Charleston-North Charleston, SC MSA. 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 29423 for FY 2027?
The two-bedroom FMR rose 4.9%, from $1,820 in FY 2026 to $1,910 in FY 2027. Since FY 2023 it has risen 21.7%.
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