On March 10, 2022 HUD issued revised FMRs for 12 jurisdictions.
On August 6, 2021, the Department of Housing and Urban Development (HUD) published the FY 2022 fair market rents (FMRs) and outlined procedures for requesting a re-evaluation of an area's FY 2022 FMR. Twenty-eight jurisdictions applied for a re-evaluation, and 12 were approved.
The major cities where HUD adjusted the FMRs include Asheville, North Carolina; Boston, Massachusetts; New York, New York; Portland, Maine; Portland, Washington; San Diego and Santa Barbara, California; and Seattle, Washington. By way of example, in New York City, the FMRs were adjusted as follows:
| PREVIOUSLY PUBLISHED FMRS (USD) | ||||
| STUDIO | 1 BR | 2 BR | 3 BR | 4 BR |
| 1,900 | 1,945 | 2,217 | 2,805 | 3,006 |
| NEWLY PUBLISHED FMRS (USD) | ||||
| STUDIO | 1 BR | 2 BR | 3 BR | 4 BR |
| 2,018 | 2,054 | 2,340 | 2,952 | 3,173 |
The publication of FMRs and requests for re-evaluation happens each year. However, as markets have fluctuated dramatically in recent years because of the pandemic, these re-evaluations may be more impactful than those undertaken in prior years. The revised FMRs will take effect on April 11.
The FMRs are used for rent setting for HUD’s Housing Choice Voucher program, Moderate Rehabilitation Section 8 program and other HUD programs.