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 51603 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 51603 (Shenandoah, IA) is $927 a month. That is up 0.9% from $919 in FY 2026. Shenandoah is in the Fremont County, IA non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 51603
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$682
$688
+0.9%
$619–$757
1BR
$708
$709
+0.1%
$638–$780
2BR
$919
$927
+0.9%
$834–$1,020
3BR
$1,278
$1,284
+0.5%
$1,156–$1,412
4BR
$1,379
$1,320
−4.3%
$1,188–$1,452
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 51603
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$688
$709
$927
$1,284
$1,320
FY 2026
$682
$708
$919
$1,278
$1,379
FY 2025
$646
$685
$877
$1,229
$1,397
FY 2024
$630
$656
$862
$1,181
$1,328
FY 2023
$581
$604
$795
$1,056
$1,201
Questions about ZIP 51603 rents
How much will Section 8 pay for a two-bedroom in ZIP 51603?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $927, that basic range is $834 to $1,020 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 51603 in?
ZIP 51603 is in the Fremont County, IA non-metropolitan FMR area.
How much did fair market rent change in ZIP 51603 for FY 2027?
The two-bedroom FMR rose 0.9%, from $919 in FY 2026 to $927 in FY 2027. Since FY 2023 it has risen 16.6%.
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