FMR is near market; voucher and private rents are aligned.
1.03
1 BR
1 BR
1.07ratio
FMR$1,620
Market$1,520
vs market+$100
FMR is near market; voucher and private rents are aligned.
1.07
2 BR
2 BR
0.96ratio
FMR$1,760
Market$1,830
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.96
3 BR
3 BR
0.86ratio
FMR$2,260
Market$2,640
vs market-$380
FMR is below market; voucher rent may lag private rents.
0.86
4 BR
4 BR
0.86ratio
FMR$2,740
Market$3,200
vs market-$460
FMR is below market; voucher rent may lag private rents.
0.86
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 37228 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37228 (Nashville, TN) is $1,760 a month. That is up 1.7% from $1,730 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, 37228 has the 39th-highest two-bedroom rent (county range $1,210–$2,700). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37228 is 68% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37228
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,510
$1,550
+2.6%
$1,395–$1,705
1BR
$1,580
$1,620
+2.5%
$1,458–$1,782
2BR
$1,730
$1,760
+1.7%
$1,584–$1,936
3BR
$2,210
$2,260
+2.3%
$2,034–$2,486
4BR
$2,700
$2,740
+1.5%
$2,466–$3,014
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37228
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,550
$1,620
$1,760
$2,260
$2,740
FY 2026
$1,510
$1,580
$1,730
$2,210
$2,700
FY 2025
$1,640
$1,710
$1,890
$2,390
$2,940
FY 2024
$1,360
$1,400
$1,570
$1,970
$2,410
FY 2023
$1,120
$1,140
$1,290
$1,610
$1,990
Two-bedroom rent in nearby Davidson County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 37228?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,760, that basic range is $1,584 to $1,936 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 37228 in?
ZIP 37228 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 37228 for FY 2027?
The two-bedroom FMR rose 1.7%, from $1,730 in FY 2026 to $1,760 in FY 2027. Since FY 2023 it has risen 36.4%.
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