FMR is below market; voucher rent may lag private rents.
0.79
1 BR
1 BR
0.94ratio
FMR$977
Market$1,040
vs market-$63
FMR is near market; voucher and private rents are aligned.
0.94
2 BR
2 BR
1.08ratio
FMR$1,237
Market$1,150
vs market+$87
FMR is near market; voucher and private rents are aligned.
1.08
3 BR
3 BR
1.23ratio
FMR$1,631
Market$1,330
vs market+$301
FMR is above market; underwrite to market rent.
1.23
4 BR
4 BR
1.13ratio
FMR$1,728
Market$1,530
vs market+$198
FMR is above market; underwrite to market rent.
1.13
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 62716 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 62716 (Springfield, IL) is $1,237 a month. That is up 2.8% from $1,203 in FY 2026. Springfield is in the Springfield, IL MSA. The median county two-bedroom FMR in Illinois is $958, so ZIP 62716 is 29% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 62716
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$829
$861
+3.9%
$775–$947
1BR
$970
$977
+0.7%
$879–$1,075
2BR
$1,203
$1,237
+2.8%
$1,113–$1,361
3BR
$1,611
$1,631
+1.2%
$1,468–$1,794
4BR
$1,682
$1,728
+2.7%
$1,555–$1,901
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 62716
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$861
$977
$1,237
$1,631
$1,728
FY 2026
$829
$970
$1,203
$1,611
$1,682
FY 2025
$776
$921
$1,132
$1,529
$1,564
FY 2024
$725
$873
$1,070
$1,421
$1,459
FY 2023SAFMR
$610
$740
$910
$1,190
$1,250
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about ZIP 62716 rents
How much will Section 8 pay for a two-bedroom in ZIP 62716?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,237, that basic range is $1,113 to $1,361 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 62716 in?
ZIP 62716 is in the Springfield, IL MSA. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 62716 for FY 2027?
The two-bedroom FMR rose 2.8%, from $1,203 in FY 2026 to $1,237 in FY 2027. Since FY 2024 it has risen 15.6%.
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