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Glossary

Fair market rent

The average rent charged for an unfurnished apartment in your area, used to set income limits for housing assistance programs.

Fair market rent (FMR) is set by the U.S. Department of Housing and Urban Development (HUD) for every county in the country. It's based on data about what landlords actually charge for unfurnished apartments.

HUD updates fair market rent every year. The amount depends on where you live and how many bedrooms you need.

Fair market rent matters most for Housing Choice Vouchers (Section 8), which help low-income families pay rent. Your income limit may depend on the fair market rent in your county. If you earn more than the limit for your area, you may not qualify.

Even if you qualify, your voucher amount is set based on fair market rent. This means the program will help pay up to the fair market rent amount. If your apartment costs more, you may have to pay the difference yourself.