Fair market rents · FY 2027 · effective October 1, 2026
Hawaii fair market rents, FY 2027
The 2-bedroom Fair Market Rent in the median Hawaii county is $2,326 a month for FY 2027, from $2,081 to $2,656 across the state. The typical county moved −3.8% from FY 2026 and +35.7% over five years; weighted by population, the state average moved −3.0%. The most populous HUD area, Urban Honolulu, HI, is at $2,542 for a 2-bedroom.
FMRs are HUD's estimate of the 40th percentile gross rent (rent plus utilities) paid by recent movers into standard-quality units. Housing agencies set voucher payment standards from them. Source: HUD FY 2027 FMR file, 91 FR 56156 (published September 1, 2026). This site is not HUD.
| FY | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2BR | $1,807 | $1,857 | $1,892 | $1,996 | $1,944 | $2,094 | $2,163 | $2,305 | $2,529 | $2,544 | $2,467 |
ZIP-level rents required: Urban Honolulu, HI is a mandatory Small Area FMR metro, so voucher payment standards there come from the ZIP figure, not the area figure below. Use the ZIP lookup, or see all 65 mandatory metros.
Every HUD rent area in Hawaii, FY 2027
5 HUD FMR areas cover 5 counties; 3 are metro areas. Monthly gross rent by bedroom count. The trend line is the 2-bedroom FMR from FY 2017 to FY 2027.
Biggest one-year move up: Kahului-Wailuku-Lahaina, HI, +1.2%. Biggest move down: Kauai County, HI, −9.7%. HUD caps a one-year drop at 10%.
| HUD area | Studio | 1BR | 2BR | 3BR | 4BR | 1 yr | 5 yr | FY17 to FY27 |
|---|---|---|---|---|---|---|---|---|
| Hawaii County | 1,605 | 1,615 | 2,081 | 2,620 | 2,910 | +0.2% | +35.9% | |
| Kahului-Wailuku-Lahaina | 1,850 | 2,030 | 2,656 | 3,351 | 4,143 | +1.2% | +35.7% | |
| Kalawao County | 1,621 | 1,778 | 2,326 | 2,932 | 3,630 | −6.7% | +35.7% | |
| Kauai County | 1,599 | 1,609 | 2,105 | 2,588 | 2,952 | −9.7% | +5.4% | |
| Urban HonoluluZ | 1,836 | 1,951 | 2,542 | 3,520 | 4,249 | −3.8% | +13.5% |
Dollars per month, FY 2027 file as published September 1, 2026; rows marked R show FY 2026. "1 yr" compares the FY 2027 2BR with FY 2026, "5 yr" with FY 2022. HUD's methods changed over these years, so part of any move is method, not market. Area names are HUD's.
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We'll write once when HUD publishes FY 2028 Fair Market Rents, or revised FY 2027 figures, for your ZIP's HUD area in Hawaii. HUD's FY 2028 starts October 1, 2027.
Using these numbers on a rental
The FMR sets the range for voucher payments; it is not a rent estimate for your unit. A housing agency picks a payment standard between 90% and 110% of it, then checks your asking rent against similar unassisted units nearby. Both figures cover rent plus utilities, so the agency's allowance for any utilities the tenant pays comes off the top.
Take a 2-bedroom at $2,326, a payment standard at 100% of FMR, and a $150 utility allowance (an example; each agency publishes its own schedule). Then the voucher can cover a contract rent of up to $2,176 ($2,326 minus $150), with the tenant paying the usual 30% of income. How to underwrite with FMR works through the rest.