By Benjamin Finnerty (S), REALTOR® (RS-83812) with Keller Williams Realty Maui · Kīhei, Maui · 808-481-9748

Quick Answer: HUD’s fiscal year 2027 Fair Market Rents for Maui County (the Kahului-Wailuku-Lahaina area) took effect October 1, 2026: $1,850 for a studio, $2,030 for a one-bedroom, $2,656 for a two-bedroom, $3,351 for a three-bedroom and $4,143 for a four-bedroom. That’s roughly flat from FY2026, with smaller units up slightly and larger units down.

I’m Benjamin Finnerty, a REALTOR® in Kīhei with Keller Williams Realty Maui, and I focus on South Maui condos and short-term-rental zoning. With Bill 9 phasing out vacation rentals in apartment-zoned buildings, more of my conversations with investors are about long-term rentals. Maui Fair Market Rents are one of the few official, published benchmarks for what a long-term rental here may bring in, so here’s how I read the new numbers.

What are HUD’s Fair Market Rents for Maui in 2027?

HUD’s FY2027 Fair Market Rents (FMRs) for the Kahului-Wailuku-Lahaina area, effective October 1, 2026, range from $1,850 for a studio to $4,143 for a four-bedroom. HUD published the methodology notice in the Federal Register on September 1, 2026.

FMRs are HUD’s estimate of gross rent, meaning rent plus most utilities, for a modest rental unit in the area. They’re used to set payment standards for the Housing Choice Voucher (Section 8) program and other federal housing programs. They are not a forecast or a guarantee of what any specific unit will rent for, but they’re a useful, consistent reference point.

How do the FY2027 Maui rents compare with last year?

They’re close to flat. Here’s the change from FY2026 to FY2027, from HUD’s published schedules:

Unit size	FY2026 FMR	FY2027 FMR (effective Oct. 1, 2026)	Change
Studio	$1,896	$1,850	-$46 (-2.4%)
1 bedroom	$2,000	$2,030	+$30 (+1.5%)
2 bedroom	$2,624	$2,656	+$32 (+1.2%)
3 bedroom	$3,398	$3,351	-$47 (-1.4%)
4 bedroom	$4,236	$4,143	-$93 (-2.2%)

HUD’s Federal Register notice says it based this area’s FY2027 figures on 2025 local survey data. That lines up with the County of Maui Department of Housing hiring Ward Research to run a Maui County rent survey starting in January 2025, as reported by Maui Now and Hawaii News Now at the time.

Why do Fair Market Rents matter more after Bill 9?

Because a lot of Maui condos will need a long-term rental plan. Bill 9 (Ordinance 5909), signed December 15, 2025, ends vacation rental use in apartment-zoned Minatoya List buildings on January 1, 2029 in West Maui and January 1, 2031 elsewhere in Maui County, unless a building is rezoned. If you’re buying one of those units as an investment, the long-term rental math is the math that will likely matter after the deadline.

FMRs also connect to County policy. In January 2026, the Council advanced Bill 168, a proposed property tax exemption for affordable long-term rentals. As proposed, rent had to be no more than 70% of the HUD Fair Market Rent, with a lease of 12 months or longer, starting with the tax year beginning July 1, 2027. The County has since posted an “Affordable Long-Term Rental Exemption 2027” form. Confirm the final rules and the filing deadline with the County’s Real Property Assessment Division before you count on it.

What does a long-term rental yield look like on a Maui condo right now?

On today’s numbers, gross yields are modest. The REALTORS® Association of Maui reported a countywide condo median of $660,000 in September 2026, per Maui Now (October 9, 2026). Here’s a simple gross-rent comparison using FY2027 FMRs, before any expenses:

Unit size	Annual rent at FY2027 FMR	Gross yield on a $660,000 condo
1 bedroom	$24,360	about 3.7%
2 bedroom	$31,872	about 4.8%
3 bedroom	$40,212	about 6.1%

Now subtract real costs: association dues, property tax, insurance, the 4.5% general excise tax on rental income, maintenance, vacancy and management. Remember FMRs include most utilities, so if the tenant pays utilities, contract rent will usually be lower than the FMR. For comparison, principal and interest on a $528,000 loan (20% down on $660,000) at Freddie Mac’s October 8, 2026 average 30-year rate of 7.40% is about $3,656 a month. That’s well above the two-bedroom FMR before any other costs.

This is general information, not tax or legal advice. Confirm with a CPA or Hawaiʻi attorney.

My Take: What I’m Telling Investors and Condo Owners

If you’re buying a Maui condo mainly for income, run the long-term rental scenario first and treat any vacation rental income as a bonus that may end. With FMRs roughly flat this year and mortgage rates at 7.40%, most financed purchases won’t cash-flow as long-term rentals on day one. Investors who make the numbers work usually put more money down, plan for personal use alongside rental income, or target units priced well below the median.

For current Minatoya List owners, the FMR table is a reality check for your hold-or-sell decision. Compare your net vacation rental income through 2029 or 2031 against long-term rent afterward, then talk with your CPA about the tax side. My breakdown of Maui vacation rental taxes in 2026 helps with the first half of that comparison.

If you’re moving here and plan to rent first, FMRs are a useful starting point for budgeting too. I wrote about that in renting on Maui before you buy. And to see where condo prices sit now, check my recap of September 2026 Maui market data.

Frequently Asked Questions

What is the Fair Market Rent for a two-bedroom on Maui in 2027?
$2,656 a month for the Kahului-Wailuku-Lahaina area, effective October 1, 2026, per HUD’s FY2027 schedule.

Did Maui Fair Market Rents go up for FY2027?
Barely. One- and two-bedroom FMRs rose about 1.2% to 1.5%, while studio, three- and four-bedroom FMRs fell about 1.4% to 2.4%.

Are Fair Market Rents the same as market rent?
No. They’re HUD estimates of gross rent, including most utilities, for modest units, used for federal housing programs. Actual rents vary by unit, location and condition.

Does general excise tax apply to long-term rental income on Maui?
Yes. Rental income is generally subject to Hawaiʻi’s general excise tax, 4.5% on Maui as of 2026. Confirm your situation with a CPA.

When does Bill 9’s vacation rental phase-out take effect?
January 1, 2029 in West Maui and January 1, 2031 in the rest of Maui County, for apartment-zoned Minatoya List units that aren’t rezoned.

Ask Benjamin

If you’re running the numbers on a Maui condo as a long-term rental, I’m glad to pull comparable rents and walk through a unit-by-unit scenario with you. I’m Benjamin Finnerty. Call or text 808-481-9748 or email benjamin@the808team.com.

Sources: HUD FY2026 and FY2027 Fair Market Rent schedules; Federal Register FY2027 FMR notice (Sept. 1, 2026); Maui County Council Bill 168 committee report (Jan. 2026); Maui Now (Feb. 18, 2025; Jan. 10 and Oct. 9, 2026); Hawaii News Now (Feb. 19, 2025); Freddie Mac PMMS (Oct. 8, 2026); County of Maui (Ordinance 5909).