FMR is near market; voucher and private rents are aligned.
1.09
1 BR
1 BR
0.98ratio
FMR$1,650
Market$1,690
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.98
2 BR
2 BR
0.71ratio
FMR$1,798
Market$2,520
vs market-$722
FMR is below market; voucher rent may lag private rents.
0.71
3 BR
3 BR
0.72ratio
FMR$2,309
Market$3,200
vs market-$891
FMR is below market; voucher rent may lag private rents.
0.72
4 BR
4 BR
0.66ratio
FMR$2,799
Market$4,240
vs market-$1,441
FMR is below market; voucher rent may lag private rents.
0.66
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 37240 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 37240 (Nashville, TN) is $1,798 a month. That is up 3.9% 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. The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37240 is 72% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37240
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,507
$1,585
+5.2%
$1,427–$1,744
1BR
$1,578
$1,650
+4.6%
$1,485–$1,815
2BR
$1,730
$1,798
+3.9%
$1,618–$1,978
3BR
$2,211
$2,309
+4.4%
$2,078–$2,540
4BR
$2,696
$2,799
+3.8%
$2,519–$3,079
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37240
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,585
$1,650
$1,798
$2,309
$2,799
FY 2026
$1,507
$1,578
$1,730
$2,211
$2,696
FY 2025SAFMR
$1,630
$1,690
$1,870
$2,360
$2,910
FY 2024SAFMR
$1,430
$1,470
$1,650
$2,070
$2,530
FY 2023SAFMR
$1,240
$1,270
$1,430
$1,790
$2,210
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about ZIP 37240 rents
How much will Section 8 pay for a two-bedroom in ZIP 37240?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,798, that basic range is $1,618 to $1,978 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 37240 in?
ZIP 37240 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 37240 for FY 2027?
The two-bedroom FMR rose 3.9%, from $1,730 in FY 2026 to $1,798 in FY 2027.
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 Fair Market Rents. 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