FMR is below market; voucher rent may lag private rents.
0.71
1 BR
1 BR
0.90ratio
FMR$1,610
Market$1,790
vs market-$180
FMR is below market; voucher rent may lag private rents.
0.90
2 BR
2 BR
0.93ratio
FMR$2,110
Market$2,270
vs market-$160
FMR is near market; voucher and private rents are aligned.
0.93
3 BR
3 BR
1.08ratio
FMR$2,920
Market$2,710
vs market+$210
FMR is near market; voucher and private rents are aligned.
1.08
4 BR
4 BR
1.14ratio
FMR$3,490
Market$3,060
vs market+$430
FMR is above market; underwrite to market rent.
1.14
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
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ZIP 59771 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 59771 (Bozeman, MT) is $2,110 a month. That is down 1.9% from $2,150 in FY 2026. Bozeman is in the Bozeman, MT 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 $2,109. Among 14 ZIP codes in Gallatin County, 59771 is tied for the 5th-highest two-bedroom rent (county range $1,940–$2,380). The median county two-bedroom FMR in Montana is $1,310, so ZIP 59771 is 61% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 59771
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,480
$1,470
−0.7%
$1,323–$1,617
1BR
$1,640
$1,610
−1.8%
$1,449–$1,771
2BR
$2,150
$2,110
−1.9%
$1,899–$2,321
3BR
$2,990
$2,920
−2.3%
$2,628–$3,212
4BR
$3,530
$3,490
−1.1%
$3,141–$3,839
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 59771
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,470
$1,610
$2,110
$2,920
$3,490
FY 2026
$1,480
$1,640
$2,150
$2,990
$3,530
FY 2025
$1,450
$1,630
$2,090
$2,930
$3,460
FY 2024area FMR
$901
$999
$1,275
$1,797
$2,164
FY 2023area FMR
$819
$894
$1,164
$1,654
$1,983
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Gallatin County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 59771?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,109, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,898 to $2,320 a month; under the ZIP-level Small Area FMR of $2,110 it would be $1,899 to $2,321. 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 59771 in?
ZIP 59771 is in the Bozeman, MT MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,109.
How much did fair market rent change in ZIP 59771 for FY 2027?
The two-bedroom FMR fell 1.9%, from $2,150 in FY 2026 to $2,110 in FY 2027. Since FY 2025 it has risen 1.0%.
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