Recently, HUD published the fiscal year 2020 Fair Market Rents (FMRs). The FMRs are effective October 1, 2019, unless HUD receives a request before then for reevaluation of specific area FMRs. the FMR for an area is the amount that would be needed 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.
The FMRs are calculated using the U.S. Census Bureau’s 5-year American Community Survey data collected between 2013 and 2017, a “recent mover factor based on 1-year American Community Survey data from 2017,” the Consumer Price Index, and trend factor forecasts. This year, HUD is replacing the national trend factor with local and regional trend factors in order to improve the accuracy of the FMRs. Some public housing agencies use Small Area FMRs, which are calculated for ZIP Codes within Metropolitan Areas.
To view the fiscal year 2020 Fair Market Rents, please click here. To view the attached Notice online, please click here.
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