FMR is near market; voucher and private rents are aligned.
1.04
1 BR
1 BR
1.00ratio
FMR$990
Market$990
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
2 BR
2 BR
1.10ratio
FMR$1,250
Market$1,140
vs market+$110
FMR is near market; voucher and private rents are aligned.
1.10
3 BR
3 BR
1.10ratio
FMR$1,610
Market$1,470
vs market+$140
FMR is near market; voucher and private rents are aligned.
1.10
4 BR
4 BR
1.04ratio
FMR$1,760
Market$1,700
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.04
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 61612 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61612 (Peoria, IL) is $1,250 a month. That is up 17.9% from $1,060 in FY 2026. Peoria is in the Peoria, IL 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 $1,212. Among 41 ZIP codes in Peoria County, 61612 is tied for the 10th-highest two-bedroom rent (county range $940–$1,620). The median county two-bedroom FMR in Illinois is $958, so ZIP 61612 is 31% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 61612
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$770
$940
+22.1%
$846–$1,034
1BR
$830
$990
+19.3%
$891–$1,089
2BR
$1,060
$1,250
+17.9%
$1,125–$1,375
3BR
$1,370
$1,610
+17.5%
$1,449–$1,771
4BR
$1,480
$1,760
+18.9%
$1,584–$1,936
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 61612
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$940
$990
$1,250
$1,610
$1,760
FY 2026
$770
$830
$1,060
$1,370
$1,480
FY 2025
$740
$810
$1,030
$1,330
$1,400
FY 2024
$700
$780
$990
$1,290
$1,330
FY 2023
$660
$730
$930
$1,210
$1,260
Two-bedroom rent in nearby Peoria County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 61612?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,212, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,091 to $1,333 a month; under the ZIP-level Small Area FMR of $1,250 it would be $1,125 to $1,375. 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 61612 in?
ZIP 61612 is in the Peoria, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,212.
How much did fair market rent change in ZIP 61612 for FY 2027?
The two-bedroom FMR rose 17.9%, from $1,060 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 34.4%.
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