This month, HUD released their final FY 2015 Fair Market Rents (FMRs). FMRs are set annually by the department and vary based on numerous factors, including local housing supply and demand, economic conditions and the size of the apartment unit. They are set at the metro or county level for the most part. In some cases, Small Area Fair Market Rents (SAFMRs), which are set at the zip code level, are used. The change from 2014 varies by each jurisdiction - in some cases there was a decrease, while for others there was an increase.
NMHC/NAA submitted a comment letter to HUD with a real estate coalition. The comments suggested a revised methodology to possibly mitigate some of the FMR decreases, and restated our concerns about the planned future use of SAFMRs. If you have any questions, please contact Assistant Director of Research Caitlin Walter at firstname.lastname@example.org or (202) 974-2343.
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