Fair Market Rent (FMR)

Fair Market Rent (FMR) is an estimate set by government agencies that reflects the average monthly cost to rent a typical housing unit in a specific area, considering current market conditions. It is used to determine the amount of rent assistance provided to low-income families and helps ensure that housing funding aligns with actual local rental prices. FMR takes into account factors like location, size, and housing type, serving as a benchmark for reasonable rent levels in various regions across the country.