Last week, the U.S. Department of Housing and Urban Development (HUD) published Fair Market Rents (FMRs) for Fiscal Year 2023.
Fair Market Rents (FMRs) are used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), rent ceilings for rental units in both the HOME Investment Partnerships program and the Emergency Solution Grants program, calculation of maximum award amounts for Continuum of Care recipients and the maximum amount of rent a recipient may pay for property leased with Continuum of Care funds, and calculation of flat rents in Public Housing units.
Nationally, FMRs will increase by an average of approximately 10 percent, enabling more families to access affordable, stable housing.
The 2023 FMRs go into effect on October 1, 2022.
