Fair Market Rent

Fair Market Rent (FMR) is a rental price determined by the U.S. Department of Housing and Urban Development (HUD) that reflects the average cost of renting a home in a specific area. It is used primarily in housing assistance programs to ensure that subsidies help families find affordable housing. FMR is based on factors like local housing costs, amenities, and community demand. Each year, HUD updates these figures to keep pace with market changes, ensuring that the assistance offered aligns with current rental rates in a given location.