For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 87116 (Albuquerque, NM) is $2,080 a month. That is down 5.5% from $2,200 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, 87116 is tied for the highest two-bedroom rent (county range $1,320–$2,080). The median county two-bedroom FMR in New Mexico is $1,063, so ZIP 87116 is 96% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 87116
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,520
$1,470
−3.3%
$1,323–$1,617
1BR
$1,780
$1,670
−6.2%
$1,503–$1,837
2BR
$2,200
$2,080
−5.5%
$1,872–$2,288
3BR
$3,060
$2,860
−6.5%
$2,574–$3,146
4BR
$3,600
$3,370
−6.4%
$3,033–$3,707
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 87116
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,470
$1,670
$2,080
$2,860
$3,370
FY 2026
$1,520
$1,780
$2,200
$3,060
$3,600
FY 2025
$1,360
$1,610
$1,980
$2,770
$3,290
FY 2024
$1,220
$1,480
$1,800
$2,540
$3,040
FY 2023
$1,140
$1,400
$1,700
$2,420
$2,900
Two-bedroom rent in nearby Bernalillo County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 87116?
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 $2,080 it would be $1,872 to $2,288. 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 87116 in?
ZIP 87116 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 87116 for FY 2027?
The two-bedroom FMR fell 5.5%, from $2,200 in FY 2026 to $2,080 in FY 2027. Since FY 2023 it has risen 22.4%.
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