FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
1.03ratio
FMR$2,000
Market$1,940
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.03
4 BR
4 BR
1.10ratio
FMR$2,430
Market$2,200
vs market+$230
FMR is above market; underwrite to market rent.
1.10
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 37132 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37132 (Murfreesboro, TN) is $1,560 a month. That is up 6.1% from $1,470 in FY 2026. Murfreesboro is in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 25 ZIP codes in Rutherford County, 37132 is tied for the 18th-highest two-bedroom rent (county range $1,190–$2,700). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37132 is 49% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37132
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,280
$1,380
+7.8%
$1,242–$1,518
1BR
$1,340
$1,430
+6.7%
$1,287–$1,573
2BR
$1,470
$1,560
+6.1%
$1,404–$1,716
3BR
$1,880
$2,000
+6.4%
$1,800–$2,200
4BR
$2,290
$2,430
+6.1%
$2,187–$2,673
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37132
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,380
$1,430
$1,560
$2,000
$2,430
FY 2026
$1,280
$1,340
$1,470
$1,880
$2,290
FY 2025
$1,300
$1,350
$1,490
$1,880
$2,320
FY 2024
$1,180
$1,210
$1,360
$1,710
$2,080
FY 2023
$1,170
$1,200
$1,350
$1,690
$2,090
Two-bedroom rent in nearby Rutherford County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 37132?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,560, that basic range is $1,404 to $1,716 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 37132 in?
ZIP 37132 is in the Nashville-Davidson--Murfreesboro--Franklin, TN 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 37132 for FY 2027?
The two-bedroom FMR rose 6.1%, from $1,470 in FY 2026 to $1,560 in FY 2027. Since FY 2023 it has risen 15.6%.
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