2022 Fair Market Rents Published
The Department of Housing and Urban Development (HUD) has published a notice titled “Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program, and Other Programs Fiscal Year 2022.” The fair marker rents (FMRs) are effective on Oct. 1, 2021. Comments on the FMRs or on the methodology to develop the FMRs are due Sept. 30, 2021.
Fair market rents are used by a variety of programs, including the Housing Choice Voucher program. In general, the FMR is the amount that a tenant would need to pay to pay the gross rent (shelter rent plus utilities) of privately owned, decent, and safe rental housing of a modest (non-luxury) nature with suitable amenities. Fair market rents are an estimate of the 40th percentile gross rent paid by people who have moved recently in standard quality units within a given area.
The fiscal year (FY) 2022 FMRs include revisions to metropolitan area definitions released by the Office of Management and Budget in Sept. 2019. Housing agencies in New England should look up the relationship between their county or town and the FMR as it may have changed in some instances. Additionally, HUD has also published its Small Area FMRs (SAFMRs).
For housing agencies that wish to request an FMR reevaluation, the requestors must supply HUD with data more recent than the 2019 American Community Survey (ACS). The data delivered must be sufficient to calculate a 40th and 50th percentile two-bedroom gross rent. The data must be delivered no later than Jan. 7, 2022.
The full notice can be found here.
The published FMRs can be found here.