HUD Fair Market Rents to Increase by Average of 12 Percent in FY 2024
On Aug. 31st, the U.S. Department of Housing and Urban Development (HUD) issued its Fair Market Rents (FMRs) for Fiscal Year (FY) 2024, which begins on Oct. 1st. Nationally, FMRs will increase by an average of approximately 12 percent, with many metro areas expecting larger increases due to recent inflation. For example, Miami’s FMRs will increase by 21 percent and Denver’s by 19 percent.
HUD’s FMRs are updated annually and are the agency’s best effort to estimate the amount of money that would cover gross rent (including both rent and utility expenses) for 40 percent of the rental housing units in any given area. Many HUD programs rely on FMRs to determine the value of federal assistance. Read more about how FMRs impact various HUD programs from LeadingAge National’s Linda Couch.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866