FMR is near market; voucher and private rents are aligned.
1.03
2 BR
2 BR
1.19ratio
FMR$1,520
Market$1,280
vs market+$240
FMR is above market; underwrite to market rent.
1.19
3 BR
3 BR
1.15ratio
FMR$1,940
Market$1,680
vs market+$260
FMR is above market; underwrite to market rent.
1.15
4 BR
4 BR
0.72ratio
FMR$2,000
Market$2,770
vs market-$770
FMR is below market; voucher rent may lag private rents.
0.72
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 48824 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48824 (East Lansing, MI) is $1,520 a month. That is up 5.6% from $1,440 in FY 2026. East Lansing is in the Lansing-East Lansing, MI 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 $1,323. Among 29 ZIP codes in Ingham County, 48824 has the 4th-highest two-bedroom rent (county range $1,150–$1,580). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48824 is 40% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 48824
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,100
$1,200
+9.1%
$1,080–$1,320
1BR
$1,150
$1,210
+5.2%
$1,089–$1,331
2BR
$1,440
$1,520
+5.6%
$1,368–$1,672
3BR
$1,840
$1,940
+5.4%
$1,746–$2,134
4BR
$1,900
$2,000
+5.3%
$1,800–$2,200
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 48824
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,200
$1,210
$1,520
$1,940
$2,000
FY 2026
$1,100
$1,150
$1,440
$1,840
$1,900
FY 2025
$970
$1,010
$1,260
$1,640
$1,670
FY 2024
$850
$890
$1,100
$1,430
$1,460
FY 2023
$840
$870
$1,070
$1,380
$1,440
Two-bedroom rent in nearby Ingham County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 48824?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,323, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,191 to $1,455 a month; under the ZIP-level Small Area FMR of $1,520 it would be $1,368 to $1,672. 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 48824 in?
ZIP 48824 is in the Lansing-East Lansing, MI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,323.
How much did fair market rent change in ZIP 48824 for FY 2027?
The two-bedroom FMR rose 5.6%, from $1,440 in FY 2026 to $1,520 in FY 2027. Since FY 2023 it has risen 42.1%.
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