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HUD is required by law to set Fair Market Rents (FMRs) every year. They represent HUD’s best effort to estimate the 40th percentile gross rent paid by recent movers into standard quality units in each FMR area. With the latest release, FMRs will increase by an average of approximately 12 percent nationally for FY24, and many metro areas with recent significant rent increases will have large increases to FMRs.
