HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Franklin city, Virginia (FY 2026)
$1,051 a month. That's HUD's FY 2026 Fair Market Rent for a two-bedroom in Franklin city, and it's the baseline every voucher in Franklin is measured against.
2 bedroom FMR
$1,051
FY 2026, utilities included
Payment standard range
$946 to $1,156
90% to 110% of FMR
Income to afford 2BR
$42,040
per year, at 30% of income
Rank in Virginia
89th of 133
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Franklin moves to $1,032. That's down 2%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Franklin actually rent for?
Search any address in Franklin 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 | $811 | $730 to $892 | $32,440 | $15.60/hr | -8.3% |
| 1 bedroom | $817 | $735 to $899 | $32,680 | $15.71/hr | -8.2% |
| 2 bedroom | $1,051 | $946 to $1,156 | $42,040 | $20.21/hr | -9.9% |
| 3 bedroom | $1,346 | $1,211 to $1,481 | $53,840 | $25.88/hr | -9.8% |
| 4 bedroom | $1,764 | $1,588 to $1,940 | $70,560 | $33.92/hr | -10.0% |
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 | $2,029 | $1,826 to $2,232 |
| 6 bedroom Estimate | $2,293 | $2,064 to $2,522 |
| 7 bedroom Estimate | $2,558 | $2,302 to $2,814 |
| 8 bedroom Estimate | $2,822 | $2,540 to $3,104 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
HUD sets Fair Market Rent once a year, based on what typical units in the area actually rent for, with utilities folded in. FY 2026 runs October 1, 2025 through September 30, 2026, and in Franklin city the five published rates run from $811 to $1,764, studio through four bedrooms.
Franklin is a nonmetro city, so HUD sets its FMR from rents in the city itself rather than a wider metro. The number applies city-wide, from Franklin on out.
The state median two-bedroom FMR is $1,254. Franklin comes in at $1,051, about 16% below that, and ranks 89th of 133 in Virginia. Against the national median county ($1,018) it's about 3% above. Population is around 8,194.
Rates by ZIP code
HUD also publishes Small Area FMRs by ZIP code. For the one ZIP code it covers in Franklin, the two-bedroom rate is $1,100 across the board, so there's no ZIP-level story here.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 23851 | Franklin | $1,100 | +4.7% |
What a voucher pays here
The FMR isn't the check you'd receive. Your local housing authority turns it into a payment standard, set between 90% and 110% of FMR, so a two-bedroom here lands between $946 and $1,156. Subtract about 30% of the tenant's income and that's the housing assistance payment. If you ask more than similar unassisted units rent for, the PHA's rent reasonableness check will push back.
At the standard 30% of income, a household needs about $42,040 a year to afford $1,051 a month. On a 40-hour week that's $20 an hour.
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% ($946) | HAP at 100% ($1,051) | HAP at 110% ($1,156) |
|---|---|---|---|---|
| $2,500 | $750 | $196 | $301 | $406 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went down 10% from FY 2025 ($1,167) to FY 2026 ($1,051). Since FY 2020 it's up 28% in total, about 4.3% a year. The Virginia median moved up 5% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $625 | $719 | $818 | $1,135 | $1,436 | — |
| FY 2021 | $563 | $690 | $786 | $1,096 | $1,361 | -3.9% |
| FY 2022 | $703 | $718 | $843 | $1,128 | $1,443 | +7.3% |
| FY 2023 | $804 | $817 | $953 | $1,244 | $1,623 | +13.0% |
| FY 2024 | $908 | $910 | $1,053 | $1,339 | $1,787 | +10.5% |
| FY 2025 | $884 | $890 | $1,167 | $1,492 | $1,960 | +10.8% |
| FY 2026 | $811 | $817 | $1,051 | $1,346 | $1,764 | -9.9% |
| FY 2027 | $874 | $897 | $1,032 | $1,392 | $1,725 | -1.8% |
Nearby counties
Southampton County
$1,05111 mi · pop 18,003
Isle of Wight County
$1,71321 mi · pop 38,898
Suffolk city
$1,71323 mi · pop 94,856
Sussex County
$1,65525 mi · pop 10,866
Surry County
$1,03932 mi · pop 6,546
Greensville County
$1,00133 mi · pop 11,373
Emporia city
$1,00135 mi · pop 5,680
Portsmouth city
$1,71335 mi · pop 97,384
Questions people ask
$1,051 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $811 for a studio, $817 for one bedroom, $1,346 for three and $1,764 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 Franklin actually go for?
HUD's number is one input. Search any address in Franklin for a rent estimate built from nearby comps. 3 free searches, no card.
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