FMR is near market; voucher and private rents are aligned.
0.99
1 BR
1 BR
0.83ratio
FMR$1,690
Market$2,030
vs market-$340
FMR is below market; voucher rent may lag private rents.
0.83
2 BR
2 BR
0.77ratio
FMR$1,840
Market$2,380
vs market-$540
FMR is below market; voucher rent may lag private rents.
0.77
3 BR
3 BR
0.83ratio
FMR$2,360
Market$2,830
vs market-$470
FMR is below market; voucher rent may lag private rents.
0.83
4 BR
4 BR
0.67ratio
FMR$2,860
Market$4,240
vs market-$1,380
FMR is below market; voucher rent may lag private rents.
0.67
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 37238 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37238 (Nashville, TN) is $1,840 a month. That is up 4.0% from $1,770 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, 37238 is tied for the 25th-highest two-bedroom rent (county range $1,210–$2,700). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37238 is 76% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37238
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,540
$1,620
+5.2%
$1,458–$1,782
1BR
$1,610
$1,690
+5.0%
$1,521–$1,859
2BR
$1,770
$1,840
+4.0%
$1,656–$2,024
3BR
$2,260
$2,360
+4.4%
$2,124–$2,596
4BR
$2,760
$2,860
+3.6%
$2,574–$3,146
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37238
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,620
$1,690
$1,840
$2,360
$2,860
FY 2026
$1,540
$1,610
$1,770
$2,260
$2,760
FY 2025
$1,630
$1,690
$1,870
$2,360
$2,910
FY 2024
$1,430
$1,470
$1,650
$2,070
$2,530
FY 2023
$1,240
$1,270
$1,430
$1,790
$2,210
Two-bedroom rent in nearby Davidson County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 37238?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,840, that basic range is $1,656 to $2,024 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 37238 in?
ZIP 37238 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 37238 for FY 2027?
The two-bedroom FMR rose 4.0%, from $1,770 in FY 2026 to $1,840 in FY 2027. Since FY 2023 it has risen 28.7%.
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