FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR
0.85ratio
FMR$2,880
Market$3,380
vs market-$500
FMR is below market; voucher rent may lag private rents.
0.85
2 BR
2 BR
0.92ratio
FMR$3,540
Market$3,840
vs market-$300
FMR is near market; voucher and private rents are aligned.
0.92
3 BR
3 BR
0.92ratio
FMR$4,630
Market$5,040
vs market-$410
FMR is near market; voucher and private rents are aligned.
0.92
4 BR
4 BR
0.72ratio
FMR$5,210
Market$7,240
vs market-$2,030
FMR is below market; voucher rent may lag private rents.
0.72
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
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ZIP 94188 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 94188 (San Francisco, CA) is $3,540 a month. That is up 2.6% from $3,450 in FY 2026. San Francisco is in the San Francisco, CA 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 $3,697. Among 37 ZIP codes in San Francisco County, 94188 is tied for the 16th-highest two-bedroom rent (county range $3,250–$4,930). The median county two-bedroom FMR in California is $1,725, so ZIP 94188 is 105% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 94188
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,380
$2,470
+3.8%
$2,223–$2,717
1BR
$2,850
$2,880
+1.1%
$2,592–$3,168
2BR
$3,450
$3,540
+2.6%
$3,186–$3,894
3BR
$4,410
$4,630
+5.0%
$4,167–$5,093
4BR
$4,570
$5,210
+14.0%
$4,689–$5,731
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 94188
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,470
$2,880
$3,540
$4,630
$5,210
FY 2026
$2,380
$2,850
$3,450
$4,410
$4,570
FY 2025
$2,170
$2,660
$3,170
$3,950
$4,200
FY 2024
$2,200
$2,700
$3,220
$3,940
$4,290
FY 2023
$2,070
$2,560
$3,060
$3,760
$4,110
Two-bedroom rent in nearby San Francisco County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 94188?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $3,697, which applies unless the housing authority uses Small Area FMRs, that basic range is $3,327 to $4,067 a month; under the ZIP-level Small Area FMR of $3,540 it would be $3,186 to $3,894. 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 94188 in?
ZIP 94188 is in the San Francisco, CA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $3,697.
How much did fair market rent change in ZIP 94188 for FY 2027?
The two-bedroom FMR rose 2.6%, from $3,450 in FY 2026 to $3,540 in FY 2027. Since FY 2023 it has risen 15.7%.
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