HUD PUBLISHES FY 2023 FAIR MARKET RENTS
FMRs Will Make It Easier for Families with Housing Vouchers – Including Vouchers Created Under this Administration – to Use Their Vouchers to Access Affordable Housing
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today published Fair Market Rents (FMRs) for Fiscal Year 2023. FMRs, published annually, are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. Nationally, FMRs will increase by an average of approximately 10 percent, enabling more households with housing vouchers to access affordable, stable housing. For FY23, HUD is using private sector data to estimate changes in FMRs to address a temporary data availability challenge and to align with market conditions. The basic methodology that HUD uses to estimate FMRs remains the same.