FMR is below market; voucher rent may lag private rents.
0.86
1 BR
1 BR
0.77ratio
FMR$1,750
Market$2,280
vs market-$530
FMR is below market; voucher rent may lag private rents.
0.77
2 BR
2 BR
0.69ratio
FMR$2,120
Market$3,080
vs market-$960
FMR is below market; voucher rent may lag private rents.
0.69
3 BR
3 BR
0.87ratio
FMR$2,710
Market$3,110
vs market-$400
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR
0.92ratio
FMR$3,100
Market$3,380
vs market-$280
FMR is near market; voucher and private rents are aligned.
0.92
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
--
ZIP 33128 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33128 (Miami, FL) is $2,120 a month. That is up 11.0% from $1,910 in FY 2026. Miami is in the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 119 ZIP codes in Miami-Dade County, 33128 has the 112th-highest two-bedroom rent (county range $2,010–$3,850). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33128 is 44% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 33128
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,430
$1,610
+12.6%
$1,449–$1,771
1BR
$1,560
$1,750
+12.2%
$1,575–$1,925
2BR
$1,910
$2,120
+11.0%
$1,908–$2,332
3BR
$2,460
$2,710
+10.2%
$2,439–$2,981
4BR
$2,920
$3,100
+6.2%
$2,790–$3,410
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 33128
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,610
$1,750
$2,120
$2,710
$3,100
FY 2026
$1,430
$1,560
$1,910
$2,460
$2,920
FY 2025
$1,520
$1,700
$2,100
$2,730
$3,240
FY 2024
$1,250
$1,400
$1,740
$2,280
$2,700
FY 2023
$1,050
$1,200
$1,510
$2,000
$2,370
Two-bedroom rent in nearby Miami-Dade County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 33128?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,120, that basic range is $1,908 to $2,332 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 33128 in?
ZIP 33128 is in the Miami-Miami Beach-Kendall, FL 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 33128 for FY 2027?
The two-bedroom FMR rose 11.0%, from $1,910 in FY 2026 to $2,120 in FY 2027. Since FY 2023 it has risen 40.4%.
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