Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,140 |
| 1 Bedroom | $2,260 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,820 | $456,098 | 0.62% | D |
| 3BR | $3,450 | $553,314 | 0.62% | D |
| 4BR | $3,920 | $645,274 | 0.61% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 02827, Coventry, Rhode Island, for fiscal year 2024 is set at $1,900. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the benchmark used to determine eligibility and payment standards.
To put this into perspective, the average rent for the area is $2,692, according to recent Census Bureau data. This indicates that the FMR is lower than the market rate, meaning you would be charging less than what most renters in the area pay for similar properties. However, the Section 8 program ensures timely payments through Housing Choice Vouchers, which can be a significant advantage over market-rate rentals.
In terms of demand, approximately 4.7% of the population in ZIP 02827 are renters. While this percentage might seem low, it translates to a substantial number of potential tenants who could benefit from the Section 8 program. The total acquisition cost for a property in this ZIP code is estimated at $531,728, based on median home values and other factors.
If you're considering your first Section 8 rental in ZIP 0287, ensure that your property meets all the necessary requirements for the program. This includes passing a thorough inspection to confirm it meets minimum housing quality standards. Once you've verified this, you can confidently move forward with listing your property under the Section 8 program, knowing that you'll have a reliable source of income while helping those in need find suitable housing.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.