How often is the fair market rent (FMR) updated?

Fair Market Rent (FMR) is updated annually to reflect changes in the housing market and to ensure that the rent levels used in the Housing Choice Voucher program remain relevant and accurate. This regular adjustment helps to ensure that the payments made through the program are appropriate for the area and can accommodate the changing costs of housing. By reviewing and updating FMRs every year, housing authorities can make certain that vouchers continue to provide tenants with a choice of housing in competitive and suitable markets.

This approach helps prevent underfunding of the program and ensures beneficiaries can find decent, quality rental housing within their financial means, aligned with local housing market conditions. Regular annual adjustments also align with the methodology that administrators need to maintain compliance with federal requirements and effectively support housing choice for low-income families.