Section 8 Fair Market Rent (FMR) for ZIP 21523 - 2027

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$870
2 Bedrooms	$1,010
3 Bedrooms	$1,380
4 Bedrooms	$1,440
5 Bedrooms	$1,670
6 Bedrooms	$1,870
7 Bedrooms	$2,020
8 Bedrooms	$2,121

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Based on the available data, the Fair Market Rent (FMR) for ZIP 21523 in fiscal year 2026 is set at $970. However, the current market rent for the area is not directly specified in the sources provided, which suggests a lack of recent comprehensive data. According to the second result from the web search, the typical rent for a two-bedroom property in ZIP 21523 is $500-$749 per month, which is notably lower than the FMR.

The gap between the FMR of $970 and the typical market rent of $500-$749 indicates that landlords participating in the Section 8 program could be facing a significant cost of housing voucher tenants below open-market rates. This gap ranges from $221 to $470, representing a discount of 23% to 49% off the FMR. Given the broader context of Bloomington, MD, where only 11.7% of residents are renters, and the median home value stands at $113,658 with a median income of $59,063, the disparity becomes even more pronounced.

Landlords should carefully consider the implications of this gap. While the Section 8 program ensures timely payments, the lower-than-FMR rents mean reduced cash flow compared to market rates. This scenario transforms the investment into a yield play, where the focus shifts from maximizing rental income to maintaining a steady stream of guaranteed payments. For small-portfolio investors, this might be an acceptable trade-off given the reliability of Section 8 vouchers, but it's crucial to understand the financial dynamics involved.

In summary, the gap between the FMR and the actual market rent in ZIP 21523 presents a clear challenge for landlords. They must decide whether to accept the lower rents offered by voucher tenants or seek higher returns through market-rate leases. The decision should be informed by an understanding of the local rental market, tenant preferences, and the broader economic landscape of the area.

Data Sources: FMR data from HUD (2027). 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.