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Fair Market Rents (FMRs) represent the estimated amount (base rent + essential utilities) that a property in a given area typically rents for. The data is primarily used to determine payment standard amounts for the Housing Choice Voucher program; however, FMRs are also used to:
Determine initial renewal rents for expiring project-based Section 8 contracts;
Determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), rent ceilings for rental units in both the HOME Investment Partnerships program and the Emergency Solution Grants (ESG) program;
Calculate of maximum award amounts for Continuum of Care recipients and the maximum amount of rent a recipient may pay for property leased with Continuum of Care funds, and;
Calculate flat rent amounts in Public Housing Units.
Data is updated annualy in accordance with 42 USC 1437f which requires FMRs be posted at least 30 days before they are effective and that they are effective at the start of the federal fiscal year, October 1st.
In order to calculate rents for units with more than four bedrooms, an extra 15% cost is added to the four bedroom unit value. The formula is to multiply the four bedroom rent by 1.15. For example, in FY21 the rent for a four bedroom unit in the El Centro, California Micropolitan Statistical Area is $1,444. The rent for a five bedroom unit would be $1,444 * 1.15 or $1,661. Each subsequent bedroom is an additional 15%. A six bedroom unit would be $1,444 * 1.3 or $1,877. These values are not included in the feature service.
To learn more about Fair Market Rents visit: https://www.huduser.gov/portal/datasets/fmr.html/
Data Dictionary: DD_Fair Market Rents
Date of Coverage: FY2024 : Oct. 1 - Sept. 30