HUD published their updated Fair Market Rents (FMRs) for the Fiscal Year 2023. These FMR rates are in effect as of October 1, 2022.
FMRs are published annually by HUD. FMR is an estimate of the amount of money that should cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. 2023 FMRs, on average, increased by an average of 10%, enabling more households with housing vouchers to access affordable, stable housing.
For FY23, HUD used private sector data to estimate changes in FMRs to better align with market conditions. The basic methodology that HUD uses to estimate FMRs remains the same.