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 59111 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 59111 (Billings, MT) is $1,432 a month. That is up 1.1% from $1,417 in FY 2026. Billings is in the Billings, MT HUD Metro FMR Area. The median county two-bedroom FMR in Montana is $1,310, so ZIP 59111 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 59111
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,016
$1,003
−1.3%
$903–$1,103
1BR
$1,109
$1,132
+2.1%
$1,019–$1,245
2BR
$1,417
$1,432
+1.1%
$1,289–$1,575
3BR
$1,951
$1,983
+1.6%
$1,785–$2,181
4BR
$2,216
$2,261
+2.0%
$2,035–$2,487
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 59111
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,003
$1,132
$1,432
$1,983
$2,261
FY 2026
$1,016
$1,109
$1,417
$1,951
$2,216
FY 2025
$1,013
$1,062
$1,373
$1,888
$2,124
FY 2024
$837
$874
$1,148
$1,583
$1,778
FY 2023
$745
$801
$1,054
$1,447
$1,644
Questions about ZIP 59111 rents
How much will Section 8 pay for a two-bedroom in ZIP 59111?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,432, that basic range is $1,289 to $1,575 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 59111 in?
ZIP 59111 is in the Billings, MT HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 59111 for FY 2027?
The two-bedroom FMR rose 1.1%, from $1,417 in FY 2026 to $1,432 in FY 2027. Since FY 2023 it has risen 35.9%.
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