HUD's Expected 2024 Fair Market Rent Value to Rise by Approximate Avg. of 12%
HUD’s Office of Policy Development and Research (PD&R) published Fair Market Rents (FMRs) for fiscal year 2024. Nationally, FMRs will increase by an average of approximately 12 percent. This information helps to determine the maximum amount a HUD Housing Choice Voucher will cover, which, in turn, may increase the number of units that families using housing vouchers can access. The Housing Choice Voucher program enables families to afford rental units in the private market. The Office of Public and Indian Housing (PIH) also announced an additional $113 million in Housing Choice Voucher funding awards for 118 high-performing public housing agencies in 36 states. These funds will enable these agencies to provide rental assistance to 9,500 additional households in the coming year.
“HUD continues to calculate Fair Market Rents using public and private sector data such as Zillow and Apartment List, making rent calculations realistic and benefitting a greater number of HUD-assisted households,” said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. “In New York, where rents have significantly increased, more funding for high-performing housing authorities can make the difference between housing and homelessness.”
"This year, HUD found that rents rose once again, accentuating the strain on costs for American families. These updated Fair Market Rents and our funding will ensure households can utilize vouchers in a competitive rental market," said HUD Secretary Marcia L. Fudge. "Housing choice vouchers are some of the strongest tools we have to help families find stable and affordable housing."
“This year we are continuing improvements we made last year to how we calculate Fair Market Rents to make sure they are keeping up with rising rents. We’ve already seen these improvements help more voucher holders find housing that is affordable, and we expect these new updates will help even more families," said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research.
PIH says, “The additional funding we are awarding to housing authorities today helps these agencies that are already maximizing funds to house as many families as possible, according to Principal Deputy Assistant Secretary for Public and Indian Housing Richard J. Monocchio. “We want to make sure communities have the tools they need to help families lease homes.”
Given recent rental cost increases, families who receive vouchers are experiencing greater difficulty successfully using their vouchers to find affordable, safe, and quality housing.
According to HUD, the new FMR levels announced earlier this month – on top of an approximately 10 percent increase nationally in FY 2023 – will help the voucher program keep up with rent increases in the private market, expand the number of affordable units, and help more families rent homes at an affordable cost.