For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 99703 (Fort Wainwright, AK) is $2,250 a month. That is down 7.4% from $2,430 in FY 2026. Fort Wainwright is in the Fairbanks-College, AK 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 $1,553. Among 12 ZIP codes in Fairbanks North Star Borough County, 99703 has the highest two-bedroom rent (county range $1,510–$2,250). The median county two-bedroom FMR in Alaska is $1,513, so ZIP 99703 is 49% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 99703
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,680
$1,570
−6.5%
$1,413–$1,727
1BR
$1,850
$1,720
−7.0%
$1,548–$1,892
2BR
$2,430
$2,250
−7.4%
$2,025–$2,475
3BR
$3,380
$3,120
−7.7%
$2,808–$3,432
4BR
$4,080
$3,760
−7.8%
$3,384–$4,136
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 99703
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,570
$1,720
$2,250
$3,120
$3,760
FY 2026
$1,680
$1,850
$2,430
$3,380
$4,080
FY 2025
$1,660
$1,840
$2,420
$3,390
$4,060
FY 2024
$1,630
$1,830
$2,400
$3,380
$4,070
FY 2023
$1,460
$1,660
$2,180
$3,100
$3,710
Two-bedroom rent in nearby Fairbanks North Star Borough County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 99703?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,553, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,398 to $1,708 a month; under the ZIP-level Small Area FMR of $2,250 it would be $2,025 to $2,475. 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 99703 in?
ZIP 99703 is in the Fairbanks-College, AK MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,553.
How much did fair market rent change in ZIP 99703 for FY 2027?
The two-bedroom FMR fell 7.4%, from $2,430 in FY 2026 to $2,250 in FY 2027. Since FY 2023 it has risen 3.2%.
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