FMR is below market; voucher rent may lag private rents.
0.84
1 BR
1 BR
1.09ratio
FMR$1,750
Market$1,610
vs market+$140
FMR is near market; voucher and private rents are aligned.
1.09
2 BR
2 BR
1.16ratio
FMR$2,200
Market$1,900
vs market+$300
FMR is above market; underwrite to market rent.
1.16
3 BR
3 BR
1.41ratio
FMR$2,940
Market$2,090
vs market+$850
FMR is above market; underwrite to market rent.
1.41
4 BR
4 BR
1.56ratio
FMR$3,420
Market$2,190
vs market+$1,230
FMR is above market; underwrite to market rent.
1.56
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
--
Mortgage rate
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ZIP 89440 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 89440 (Virginia City, NV) is $2,200 a month. That is down 2.7% from $2,260 in FY 2026. Virginia City is in the Reno, NV HUD Metro 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 metro-wide two-bedroom FMR of $1,837. Among 6 ZIP codes in Storey County, 89440 has the 3rd-highest two-bedroom rent (county range $1,690–$2,500). The median county two-bedroom FMR in Nevada is $1,327, so ZIP 89440 is 66% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 89440
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,570
$1,540
−1.9%
$1,386–$1,694
1BR
$1,800
$1,750
−2.8%
$1,575–$1,925
2BR
$2,260
$2,200
−2.7%
$1,980–$2,420
3BR
$3,080
$2,940
−4.5%
$2,646–$3,234
4BR
$3,590
$3,420
−4.7%
$3,078–$3,762
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 89440
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,540
$1,750
$2,200
$2,940
$3,420
FY 2026
$1,570
$1,800
$2,260
$3,080
$3,590
FY 2025
$1,440
$1,660
$2,090
$2,900
$3,400
FY 2024
$1,230
$1,430
$1,800
$2,540
$3,050
FY 2023
$1,250
$1,470
$1,860
$2,650
$3,170
Two-bedroom rent in nearby Storey County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 89440?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,837, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,653 to $2,021 a month; under the ZIP-level Small Area FMR of $2,200 it would be $1,980 to $2,420. 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 89440 in?
ZIP 89440 is in the Reno, NV HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,837.
How much did fair market rent change in ZIP 89440 for FY 2027?
The two-bedroom FMR fell 2.7%, from $2,260 in FY 2026 to $2,200 in FY 2027. Since FY 2023 it has risen 18.3%.
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