FMR is near market; voucher and private rents are aligned.
1.09
1 BR
1 BR
0.86ratio
FMR$760
Market$880
vs market-$120
FMR is below market; voucher rent may lag private rents.
0.86
2 BR
2 BR
1.03ratio
FMR$990
Market$960
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
1.15ratio
FMR$1,340
Market$1,170
vs market+$170
FMR is above market; underwrite to market rent.
1.15
4 BR
4 BR
1.22ratio
FMR$1,640
Market$1,340
vs market+$300
FMR is above market; underwrite to market rent.
1.22
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 72902 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 72902 (Fort Smith, AR) is $990 a month. That is up 5.3% from $940 in FY 2026. Fort Smith is in the Fort Smith, AR-OK 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 $979. Among 20 ZIP codes in Sebastian County, 72902 is tied for the 6th-highest two-bedroom rent (county range $920–$1,330). The median county two-bedroom FMR in Arkansas is $909, so ZIP 72902 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 72902
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$690
$750
+8.7%
$675–$825
1BR
$720
$760
+5.6%
$684–$836
2BR
$940
$990
+5.3%
$891–$1,089
3BR
$1,270
$1,340
+5.5%
$1,206–$1,474
4BR
$1,540
$1,640
+6.5%
$1,476–$1,804
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 72902
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$750
$760
$990
$1,340
$1,640
FY 2026
$690
$720
$940
$1,270
$1,540
FY 2025
$700
$700
$920
$1,250
$1,510
FY 2024
$680
$680
$900
$1,230
$1,450
FY 2023
$600
$610
$800
$1,110
$1,270
Two-bedroom rent in nearby Sebastian County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 72902?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $979, which applies unless the housing authority uses Small Area FMRs, that basic range is $881 to $1,077 a month; under the ZIP-level Small Area FMR of $990 it would be $891 to $1,089. 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 72902 in?
ZIP 72902 is in the Fort Smith, AR-OK MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $979.
How much did fair market rent change in ZIP 72902 for FY 2027?
The two-bedroom FMR rose 5.3%, from $940 in FY 2026 to $990 in FY 2027. Since FY 2023 it has risen 23.8%.
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