Section 8 vs Market Rent: Where Vouchers Pay More Than Landlords Ask
We took HUD's FY 2026 Small Area Fair Market Rent for a two-bedroom and lined it up against the median asking rent on active two-bedroom listings, zip by zip, in the 65 metros PropMetrics tracks. The Small Area FMR is the ZIP-level number, the one a housing authority uses to set payment standards where it applies. The asking rent is what's actually on the market right now.
The headline: HUD's rate beats the market in 47 of 65 metros. Huntsville, AL leads the ranking. Its Small Area FMR for a two-bedroom is $1,446 against a median asking rent of $1,115, a gap of +29.7%. On the other end, San Francisco, CA runs -40.6%, the voucher standard sitting well under what units there actually ask.
Three things to hold onto before you use any of this to argue a number with a housing authority. FMR is a gross rent figure, so HUD folds utilities into it and most asking rents don't include them. A gap of 5 to 10 points can vanish once you back out water, trash, and heat. Small Area FMRs are built from rents collected a year or two before they publish, so they lag hot markets and lead cooling ones by roughly that same stretch of time. And the ZIP rate only applies where the local housing authority has adopted Small Area FMRs in the first place. Where it hasn't, the metro or county rate in its own column below is the one that governs, and you'll need to ask the housing authority which policy is in force before you lean on either figure.
Asking rents as of September 1, 2026. FMR: HUD FY 2026.
Every metro, ranked
Click a column to sort. Gap is the Small Area FMR minus asking rent, as a percent of asking rent. Positive means the voucher standard is above what the market is asking.
City | Asking 2BR | SAFMR 2BR | Metro FMR 2BR | Gap | Zips voucher wins |
|---|---|---|---|---|---|
| Huntsville, AL | $1,115 | $1,446 | $1,310 | +29.7% | 12 of 13 |
| Memphis, TN | $1,014 | $1,283 | $1,274 | +26.5% | 19 of 20 |
| Las Vegas, NV | $1,442 | $1,755 | $1,735 | +21.7% | 16 of 17 |
| Dayton, OH | $1,014 | $1,233 | $1,273 | +21.6% | 16 of 17 |
| Jacksonville, FL | $1,293 | $1,555 | $1,658 | +20.3% | 15 of 17 |
| Orlando, FL | $1,725 | $2,042 | $1,972 | +18.4% | 16 of 17 |
| Tampa, FL | $1,861 | $2,193 | $1,977 | +17.8% | 13 of 17 |
| Baltimore, MD | $1,644 | $1,903 | $1,857 | +15.8% | 18 of 20 |
| Richmond, VA | $1,540 | $1,769 | $1,655 | +14.9% | 19 of 20 |
| Fresno, CA | $1,544 | $1,758 | $1,664 | +13.9% | 14 of 15 |
| Austin, TX | $1,781 | $2,017 | $1,852 | +13.3% | 17 of 20 |
| Birmingham, AL | $1,120 | $1,260 | $1,266 | +12.5% | 15 of 17 |
| Riverside, CA | $2,312 | $2,602 | $2,201 | +12.5% | 12 of 15 |
| Greenville, SC | $1,328 | $1,492 | $1,339 | +12.3% | 8 of 12 |
| Spokane, WA | $1,322 | $1,479 | $1,531 | +11.9% | 13 of 14 |
| Chattanooga, TN | $1,331 | $1,488 | $1,390 | +11.8% | 13 of 15 |
| Boise, ID | $1,586 | $1,770 | $1,655 | +11.6% | 8 of 10 |
| Norfolk, VA | $1,463 | $1,628 | $1,713 | +11.3% | 10 of 12 |
| Cleveland, OH | $1,142 | $1,269 | $1,279 | +11.1% | 17 of 20 |
| Denver, CO | $2,059 | $2,288 | $2,089 | +11.1% | 10 of 17 |
| Seattle, WA | $2,564 | $2,846 | $2,501 | +11.0% | 13 of 20 |
| San Diego, CA | $3,235 | $3,588 | $3,001 | +10.9% | 16 of 17 |
| Milwaukee, WI | $1,249 | $1,384 | $1,338 | +10.8% | 15 of 20 |
| Phoenix, AZ | $1,650 | $1,827 | $1,839 | +10.7% | 19 of 22 |
| Sacramento, CA | $2,094 | $2,319 | $2,255 | +10.7% | 16 of 20 |
| Tucson, AZ | $1,305 | $1,442 | $1,402 | +10.5% | 14 of 17 |
| Indianapolis, IN | $1,315 | $1,452 | $1,473 | +10.4% | 14 of 17 |
| Columbus, OH | $1,294 | $1,424 | $1,430 | +10.0% | 13 of 16 |
| Pittsburgh, PA | $1,425 | $1,565 | $1,299 | +9.8% | 16 of 20 |
| San Antonio, TX | $1,331 | $1,462 | $1,426 | +9.8% | 13 of 17 |
| Columbia, SC | $1,310 | $1,424 | $1,276 | +8.7% | 10 of 12 |
| Kansas City, MO | $1,359 | $1,473 | $1,358 | +8.4% | 10 of 14 |
| Louisville, KY | $1,125 | $1,220 | $1,272 | +8.4% | 11 of 16 |
| Omaha, NE | $1,297 | $1,396 | $1,368 | +7.6% | 11 of 15 |
| Salt Lake City, UT | $1,600 | $1,714 | $1,747 | +7.1% | 10 of 13 |
| Savannah, GA | $1,742 | $1,865 | $1,680 | +7.1% | 9 of 11 |
| Grand Rapids, MI | $1,460 | $1,561 | $1,531 | +6.9% | 8 of 12 |
| Raleigh, NC | $1,691 | $1,803 | $1,750 | +6.6% | 10 of 15 |
| San Jose, CA | $3,088 | $3,285 | $3,483 | +6.4% | 13 of 19 |
| Oklahoma City, OK | $1,180 | $1,248 | $1,244 | +5.8% | 13 of 20 |
| Fort Worth, TX | $1,751 | $1,848 | $1,723 | +5.5% | 11 of 20 |
| Nashville, TN | $1,769 | $1,863 | $1,730 | +5.3% | 11 of 17 |
| Minneapolis, MN | $1,698 | $1,774 | $1,709 | +4.5% | 10 of 16 |
| Colorado Springs, CO | $1,726 | $1,791 | $1,735 | +3.8% | 15 of 19 |
| Reno, NV | $1,921 | $1,951 | $1,870 | +1.6% | 8 of 14 |
| Houston, TX | $1,814 | $1,826 | $1,573 | +0.7% | 16 of 22 |
| Portland, OR | $2,067 | $2,071 | $1,922 | +0.2% | 15 of 20 |
| Detroit, MI | $1,263 | $1,260 | $1,411 | -0.2% | 11 of 19 |
| Philadelphia, PA | $2,041 | $2,030 | $1,810 | -0.5% | 17 of 22 |
| Dallas, TX | $2,268 | $2,246 | $1,931 | -1.0% | 12 of 22 |
| Knoxville, TN | $1,538 | $1,521 | $1,471 | -1.1% | 7 of 15 |
| Durham, NC | $1,774 | $1,749 | $1,711 | -1.4% | 5 of 7 |
| Cincinnati, OH | $1,481 | $1,439 | $1,353 | -2.8% | 8 of 20 |
| Charlotte, NC | $2,005 | $1,943 | $1,686 | -3.1% | 9 of 17 |
| St. Louis, MO | $1,340 | $1,270 | $1,218 | -5.2% | 7 of 19 |
| Atlanta, GA | $2,341 | $2,205 | $1,820 | -5.8% | 6 of 19 |
| New Orleans, LA | $1,638 | $1,529 | $1,331 | -6.7% | 7 of 18 |
| Los Angeles, CA | $3,338 | $3,025 | $2,601 | -9.4% | 4 of 22 |
| Charleston, SC | $2,285 | $2,054 | $1,787 | -10.1% | 6 of 12 |
| Boston, MA | $3,767 | $3,305 | $2,941 | -12.3% | 5 of 20 |
| Miami, FL | $3,357 | $2,891 | $2,436 | -13.9% | 9 of 22 |
| Washington, DC | $3,124 | $2,654 | $2,246 | -15.0% | 1 of 19 |
| Chicago, IL | $2,916 | $2,370 | $1,781 | -18.7% | 1 of 22 |
| New York, NY | $6,398 | $3,972 | $2,910 | -37.9% | 4 of 21 |
| San Francisco, CA | $5,854 | $3,476 | $3,604 | -40.6% | 0 of 20 |
Where vouchers stretch furthest
Huntsville tops the list at +29.7%. A landlord there listing at the market rate would get $1,115 for a two-bedroom. A voucher tenant's payment standard is built off $1,446 instead, well clear of what the unit could otherwise fetch. Memphis, TN and Las Vegas, NV aren't far behind, at +26.5% and +21.7%. Round out the top five: Dayton, OH and Jacksonville, FL.
Where the voucher can't keep up
San Francisco sits at the bottom, -40.6%. The Small Area FMR there works out to $3,476, while the median two-bedroom is asking $5,854. New York isn't much better at -37.9%. These are the coastal, high-cost metros where rents have run ahead of what a lagging federal number can track. Round out the bottom five: Chicago, IL, Washington, DC and Miami, FL.
What this means if you own rentals
In the 47 metros where the gap runs positive, the payment standard often beats what you'd land listing on the open market, and the rent check comes from the housing authority every month instead of an app you're hoping doesn't bounce. That's the case for five of the metros above, Huntsville the sharpest example.
In the 18 metros running negative, taking a voucher tenant at the standard rate means leaving money on the table unless your housing authority has approved an exception payment standard for your unit or building. Check the county page for your area's official rate before you turn down an applicant over the number on this page. HUD's Small Area FMR and the county rate aren't always the same figure, and the one that governs depends on whether your local housing authority has adopted Small Area FMRs at all.
Every zip code, by metro
The metro number is a listing-weighted average. Open a metro to see how much the gap swings zip by zip inside it.
Questions people ask
No. Every housing authority runs a rent reasonableness check before it approves a lease. If your asking rent is higher than what comparable unassisted units in the area go for, the PHA won't approve it, voucher or not. The payment standard sets a ceiling on what HUD will cover. It doesn't let you charge a voucher tenant a premium.