Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 37316 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37316 (Polk County, TN) is $1,110 a month. That is up 1.8% from $1,090 in FY 2026. Polk County is in the Cleveland, TN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,270. Among 15 ZIP codes in Polk County, 37316 is tied for the 3rd-highest two-bedroom rent (county range $1,110–$1,230). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37316 is 6% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37316
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$750
$770
+2.7%
$693–$847
1BR
$830
$850
+2.4%
$765–$935
2BR
$1,090
$1,110
+1.8%
$999–$1,221
3BR
$1,430
$1,430
0.0%
$1,287–$1,573
4BR
$1,450
$1,470
+1.4%
$1,323–$1,617
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37316
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$770
$850
$1,110
$1,430
$1,470
FY 2026
$750
$830
$1,090
$1,430
$1,450
FY 2025area FMR
$830
$922
$1,210
$1,579
$1,604
FY 2024area FMR
$789
$848
$1,114
$1,462
$1,529
FY 2023area FMR
$661
$707
$931
$1,221
$1,319
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 37316?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,270, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,143 to $1,397 a month; under the ZIP-level Small Area FMR of $1,110 it would be $999 to $1,221. 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 37316 in?
ZIP 37316 is in the Cleveland, TN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,270.
How much did fair market rent change in ZIP 37316 for FY 2027?
The two-bedroom FMR rose 1.8%, from $1,090 in FY 2026 to $1,110 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 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