FMR is near market; voucher and private rents are aligned.
1.03
1 BR
1 BR
1.22ratio
FMR$1,090
Market$890
vs market+$200
FMR is above market; underwrite to market rent.
1.22
2 BR
2 BR
1.01ratio
FMR$1,360
Market$1,340
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.01
3 BR
3 BR
0.98ratio
FMR$1,870
Market$1,910
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.98
4 BR
4 BR
1.02ratio
FMR$2,200
Market$2,150
vs market+$50
FMR is near market; voucher and private rents are aligned.
1.02
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 87115 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 87115 (Albuquerque, NM) is $1,360 a month. That is down 5.6% from $1,440 in FY 2026. Albuquerque is in the Albuquerque, NM 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 $1,384. Among 54 ZIP codes in Bernalillo County, 87115 is tied for the 20th-highest two-bedroom rent (county range $1,320–$2,080). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 87115 is 28% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 87115
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$990
$960
−3.0%
$864–$1,056
1BR
$1,170
$1,090
−6.8%
$981–$1,199
2BR
$1,440
$1,360
−5.6%
$1,224–$1,496
3BR
$2,000
$1,870
−6.5%
$1,683–$2,057
4BR
$2,360
$2,200
−6.8%
$1,980–$2,420
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 87115
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$960
$1,090
$1,360
$1,870
$2,200
FY 2026
$990
$1,170
$1,440
$2,000
$2,360
FY 2025
$900
$1,070
$1,310
$1,840
$2,170
FY 2024
$810
$990
$1,200
$1,690
$2,030
FY 2023
$750
$920
$1,120
$1,590
$1,910
Two-bedroom rent in nearby Bernalillo County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 87115?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,384, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,246 to $1,522 a month; under the ZIP-level Small Area FMR of $1,360 it would be $1,224 to $1,496. 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 87115 in?
ZIP 87115 is in the Albuquerque, NM MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,384.
How much did fair market rent change in ZIP 87115 for FY 2027?
The two-bedroom FMR fell 5.6%, from $1,440 in FY 2026 to $1,360 in FY 2027. Since FY 2023 it has risen 21.4%.
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