FMR is below market; voucher rent may lag private rents.
0.67
1 BR
1 BR
0.74ratio
FMR$2,030
Market$2,730
vs market-$700
FMR is below market; voucher rent may lag private rents.
0.74
2 BR
2 BR
0.55ratio
FMR$2,260
Market$4,120
vs market-$1,860
FMR is below market; voucher rent may lag private rents.
0.55
3 BR
3 BR
0.57ratio
FMR$2,980
Market$5,260
vs market-$2,280
FMR is below market; voucher rent may lag private rents.
0.57
4 BR
4 BR
0.49ratio
FMR$2,990
Market$6,050
vs market-$3,060
FMR is below market; voucher rent may lag private rents.
0.49
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 33041 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33041 (Key West, FL) is $2,260 a month. That is down 9.6% from $2,500 in FY 2026. Key West is in the Monroe County, FL non-metropolitan 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 county-wide two-bedroom FMR of $2,254. Among 13 ZIP codes in Monroe County, 33041 is tied for the 3rd-highest two-bedroom rent (county range $2,010–$2,620). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33041 is 53% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 33041
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,720
$1,570
−8.7%
$1,413–$1,727
1BR
$2,210
$2,030
−8.1%
$1,827–$2,233
2BR
$2,500
$2,260
−9.6%
$2,034–$2,486
3BR
$3,300
$2,980
−9.7%
$2,682–$3,278
4BR
$3,310
$2,990
−9.7%
$2,691–$3,289
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 33041
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,570
$2,030
$2,260
$2,980
$2,990
FY 2026
$1,720
$2,210
$2,500
$3,300
$3,310
FY 2025
$1,560
$1,900
$2,270
$3,020
$3,340
FY 2024area FMR
$1,556
$1,730
$2,139
$2,812
$3,426
FY 2023area FMR
$1,497
$1,597
$2,023
$2,569
$3,433
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Monroe County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 33041?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $2,254, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,029 to $2,479 a month; under the ZIP-level Small Area FMR of $2,260 it would be $2,034 to $2,486. 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 33041 in?
ZIP 33041 is in the Monroe County, FL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $2,254.
How much did fair market rent change in ZIP 33041 for FY 2027?
The two-bedroom FMR fell 9.6%, from $2,500 in FY 2026 to $2,260 in FY 2027. Since FY 2025 it has fallen 0.4%.
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