FMR is below market; voucher rent may lag private rents.
0.57
1 BR
1 BR
0.73ratio
FMR$1,050
Market$1,430
vs market-$380
FMR is below market; voucher rent may lag private rents.
0.73
2 BR
2 BR
0.73ratio
FMR$1,320
Market$1,800
vs market-$480
FMR is below market; voucher rent may lag private rents.
0.73
3 BR
3 BR
0.88ratio
FMR$1,830
Market$2,070
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.88
4 BR
4 BR
0.97ratio
FMR$2,210
Market$2,280
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.97
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 81402 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 81402 (Montrose, CO) is $1,320 a month. That is up 12.8% from $1,170 in FY 2026. Montrose is in the Montrose County, CO non-metropolitan FMR area. 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 county-wide two-bedroom FMR of $1,321. Among 9 ZIP codes in Montrose County, 81402 is tied for the 4th-highest two-bedroom rent (county range $1,060–$1,490). The median county two-bedroom FMR in Colorado is $1,375, so ZIP 81402 is 4% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 81402
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$890
$990
+11.2%
$891–$1,089
1BR
$890
$1,050
+18.0%
$945–$1,155
2BR
$1,170
$1,320
+12.8%
$1,188–$1,452
3BR
$1,630
$1,830
+12.3%
$1,647–$2,013
4BR
$1,960
$2,210
+12.8%
$1,989–$2,431
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 81402
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$990
$1,050
$1,320
$1,830
$2,210
FY 2026
$890
$890
$1,170
$1,630
$1,960
FY 2025
$870
$880
$1,150
$1,610
$1,930
FY 2024area FMR
$914
$920
$1,209
$1,704
$2,052
FY 2023area FMR
$801
$807
$1,062
$1,509
$1,809
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Montrose County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 81402?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,321, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,189 to $1,453 a month; under the ZIP-level Small Area FMR of $1,320 it would be $1,188 to $1,452. 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 81402 in?
ZIP 81402 is in the Montrose County, CO non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,321.
How much did fair market rent change in ZIP 81402 for FY 2027?
The two-bedroom FMR rose 12.8%, from $1,170 in FY 2026 to $1,320 in FY 2027. Since FY 2025 it has risen 14.8%.
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