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Davidson County/Nashville/37203

37203

ZIPSAFMR
Davidson County, TN
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$1,890$1,710
1 BR$1,960$1,700
2 BR$2,140$2,320
3 BR$2,750$3,030
4 BR$3,330$3,660
5 BR$3,829Not available
6 BR$4,404Not available
7 BR$5,065Not available
8 BR$5,824Not available

Purchase Price Calculator

Maximum purchase price
$282,835

Cost breakdown

+Likely effective rent$2,320
HUD FMR$2,140
Market rent$2,410
Est. payment standard (108%)Used$2,320
-Principal and interest-$1,430
Loan amount$226,268
Down payment$56,567
Rate6.50%
Term30 years
-Operating costs-$690
Property taxes-$283
Insurance-$175
Utilities$0
HOA$0
Management-$232
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$37,054(65.5% ROI)
Projected value
$304,582
Return breakdown
Property appreciation+$21,747
Loan principal paid down+$8,107
Rental cash flow+$7,200
5-year hold
+$63,623(112.5% ROI)
Projected value
$320,001
Return breakdown
Property appreciation+$37,167
Loan principal paid down+$14,456
Rental cash flow+$12,000
10-year hold
+$137,664(243.4% ROI)
Projected value
$362,052
Return breakdown
Property appreciation+$79,218
Loan principal paid down+$34,447
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.11
1 BR
1.15
2 BR
0.89
3 BR
0.73
4 BR
0.68
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 37203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37203 (Nashville, TN) is $2,140 a month. That is up 7.5% from $1,990 in FY 2026. Nashville 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 49 ZIP codes in Davidson County, 37203 has the 11th-highest two-bedroom rent (county range $1,210–$2,700). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37203 is 104% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 37203
BedroomsFY 2027Change90–110% range
Studio$1,890+9.2%$1,701–$2,079
1BR$1,960+7.7%$1,764–$2,156
2BR$2,140+7.5%$1,926–$2,354
3BR$2,750+8.3%$2,475–$3,025
4BR$3,330+7.4%$2,997–$3,663

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 37203
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,890$1,960$2,140$2,750$3,330
FY 2026$1,730$1,820$1,990$2,540$3,100
FY 2025$1,740$1,810$2,000$2,530$3,110
FY 2024$1,530$1,580$1,770$2,220$2,710
FY 2023$1,280$1,310$1,480$1,850$2,290

Two-bedroom rent in nearby Davidson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 37203
37201$2,340+9.3%
37202$1,840−14.0%
37203Current$2,140—
37204$2,300+7.5%
37205$2,260+5.6%
37206$1,870−12.6%
37207$1,500−29.9%
37208$1,940−9.3%
37209$2,030−5.1%
37210$1,660−22.4%
37211$1,860−13.1%
37212$1,890−11.7%

Questions about ZIP 37203 rents

How much will Section 8 pay for a two-bedroom in ZIP 37203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,140, that basic range is $1,926 to $2,354 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 37203 in?

ZIP 37203 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 37203 for FY 2027?

The two-bedroom FMR rose 7.5%, from $1,990 in FY 2026 to $2,140 in FY 2027. Since FY 2023 it has risen 44.6%.

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

County fair market rentNashville, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources