The U.S. Department of Housing and Urban Development updates the fair market rents (FMR) for the 2023 fiscal year. These estimates, published each year, determine the amount of money needed to cover gross rent and utilities on 40% of rental housing units in the area. This year, the FMR will increase 10% across America. Leaders say the increase will enable more households with housing vouchers to access affordable, stable housing.

One of the reasons that housing voucher holders are unable to use those vouchers is because the value of their vouchers has not kept up with rapid rent increases.

Marcia L. Fudge – U.S. Housing & Urban Development Secretary

Secretary Marcia L. Fudge also says the FMR’s will make it easier for voucher holders to access affordable housing. Also, Fudge says the increases will lead to more housing options for those holding vouchers.

According to HUD, inflation and rapidly rising rent prices are leaving voucher holders with little to no housing options. The FMR increase will help voucher holders keep up with rent increases in the private market. These new FMRs will allow voucher holders to access and secure leases in more units so that they can benefit from the housing affordability and stability that vouchers provide.

2023 Fair Market Rents: When does increase take effect?

HUD is required by law to set FMR’s each year. The FMR’s take effect on October 1, and are used in several HUD programs. Again, the primary use is to determine the maximum amount a housing choice voucher will cover. Click Here to determine the FY2023 FMR in your area.