HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Sheridan County, Montana (FY 2026)
A two-bedroom in Sheridan County carries a FY 2026 Fair Market Rent of $1,211 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Sheridan keys off that figure.
2 bedroom FMR
$1,211
FY 2026, utilities included
Payment standard range
$1,090 to $1,332
90% to 110% of FMR
Income to afford 2BR
$48,440
per year, at 30% of income
Rank in Montana
38th of 56
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Sheridan moves to $1,214. That's unchanged. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Sheridan actually rent for?
Search any address in Sheridan for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $908 | $817 to $999 | $36,320 | $17.46/hr | +5.5% |
| 1 bedroom | $923 | $831 to $1,015 | $36,920 | $17.75/hr | -5.0% |
| 2 bedroom | $1,211 | $1,090 to $1,332 | $48,440 | $23.29/hr | +3.2% |
| 3 bedroom | $1,684 | $1,516 to $1,852 | $67,360 | $32.38/hr | +2.9% |
| 4 bedroom | $1,809 | $1,628 to $1,990 | $72,360 | $34.79/hr | +10.1% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,080 | $1,872 to $2,288 |
| 6 bedroom Estimate | $2,352 | $2,117 to $2,587 |
| 7 bedroom Estimate | $2,623 | $2,361 to $2,885 |
| 8 bedroom Estimate | $2,894 | $2,605 to $3,183 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Sheridan, that runs from $908 for a studio up to $1,809 for four bedrooms, all five rates in the table above.
Because Sheridan sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Antelope included.
Among Montana's 56 counties, Sheridan ranks 38th for two-bedroom FMR. That's about 7% below the state median of $1,307 and about 19% above the national median county at $1,018. About 3,700 people live here, 39th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,080 in 59254 (Plentywood) and $1,280 in 59275 (Westby), with the 9 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Sheridan somewhere between $1,090 and $1,332. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,211 a month is affordable, by HUD's 30% rule, on an income of roughly $48,440 a year. Put another way, $23 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($1,090) | HAP at 100% ($1,211) | HAP at 110% ($1,332) |
|---|---|---|---|---|
| $2,500 | $750 | $340 | $461 | $582 |
| $4,000 | $1,200 | $0 | $11 | $132 |
Rate history
The two-bedroom rate went up 3% from FY 2025 ($1,174) to FY 2026 ($1,211). Since FY 2020 it's up 48% in total, about 6.8% a year. The Montana median moved up 3% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $563 | $629 | $816 | $1,017 | $1,222 | — |
| FY 2021 | $591 | $645 | $844 | $1,081 | $1,190 | +3.4% |
| FY 2022 | $576 | $716 | $816 | $1,078 | $1,107 | -3.3% |
| FY 2023 | $622 | $764 | $863 | $1,155 | $1,159 | +5.8% |
| FY 2024 | $658 | $806 | $905 | $1,201 | $1,205 | +4.9% |
| FY 2025 | $861 | $972 | $1,174 | $1,637 | $1,643 | +29.7% |
| FY 2026 | $908 | $923 | $1,211 | $1,684 | $1,809 | +3.2% |
| FY 2027 | $928 | $928 | $1,214 | $1,681 | $1,994 | +0.2% |
Nearby counties
Questions people ask
$1,211 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $908 for a studio, $923 for one bedroom, $1,684 for three and $1,809 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Sheridan actually go for?
HUD's number is one input. Search any address in Sheridan for a rent estimate built from nearby comps. 3 free searches, no card.
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