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Fair Market Rents, as defined in 24 CFR 888.113 are estimates of 40th percentile gross rents for standard quality units within a metropolitan area or nonmetropolitan county. Fair Market Rents: Overview (*.pptx, 1.66MB), (*.pdf, 706KB) 2024. 2023.
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HUD.gov announces the 2023 Fair Market Rents (FMRs) for various areas in the U.S., which are used to determine the eligibility and payment standards for housing assistance programs. The FMRs reflect the current rental market conditions and are based on data from the American Community Survey and other sources.
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Fact Sheet: HUD Releases FY 2023 Fair Market Rents. Today, HUD released its Fair Market Rents (FMRs) for Fiscal Year (“FY”) 2023. HUD is required by law to set fair market rents every year, which go into effect on October 1st. FMRs are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent ...
FMRs regularly published by HUD, represent the cost to rent a moderately-priced dwelling unit in the local housing market. The housing voucher tenant must pay 30 percent of its monthly adjusted gross income for rent and utilities, and if the unit rent is greater than the payment standard, the tenant is required to pay the additional amount.
FY 2023 rates are effective from October 2022 to September 2023. FMR is primarily used to determine the standard payment amounts for the Housing Choice Voucher program, rents for section 8 housing contracts and deciding payment amounts for other government housing assistance programs.
DATES: Comment Due Date: October 3, 2022. FY 2023 Fair Market Rents Effective Date: October 1, 2022, unless HUD receives a valid request for reevaluation of specific area FMRs as described below. ADDRESSES: HUD invites interested persons to submit comments regarding the FMRs and to request reevaluation of the FY 2023 FMRs.