How often is Fair Market Rent updated?

Fair Market Rent (FMR) is updated annually to reflect changes in rental housing costs and market conditions. This yearly adjustment ensures that the FMR remains relevant and continues to provide adequate support for those utilizing housing choice vouchers. By evaluating and adjusting FMR each year, the Department of Housing and Urban Development (HUD) can account for fluctuations in the housing market, including shifts in rental prices due to economic factors or demographic changes.

The frequency of annual updates allows rental assistance programs to maintain their effectiveness in helping low-income families access affordable housing options. This system aims to align rental assistance levels closely with current market conditions, ensuring that vouchers remain useful and that beneficiaries can find suitable housing within their designated areas.