In August, HUD released their proposed FY 2015 Fair Market Rents (FMRs) for public comments. 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. For the most part, they are set at the metro or county level. In certain 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 - with some experiencing a decrease, while for others there was an increase. It is important for multifamily owners and operators to review the proposed rents for every jurisdiction that they operate in. Please also note that HUD no longer plans to fund appeals to proposed FMRs, so those who appeal the related proposal must commission their own research to present to the department.
NMHC/NAA have joined with a real estate coalition in reviewing the FMRs and have submitted comments to HUD. The comments recommend a revised methodology to potentially ease some of the FMR decreases, as well as to restate our concerns about the planned future use of SAFMRs. If you have questions, please contact Assistant Director of Research Caitlin Walter at email@example.com or (202) 974-2343.
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