Revised 2025 Fair Market Rents Reflect Local Market Pressure
Posted On: March 31, 2025
Revised 2025 Fair Market Rents: What You Need to Know
Last week, the U.S. Department of Housing and Urban Development (HUD) released revised 2025 Fair Market Rents (FMRs). The new numbers go into effect effective April 28, 2025.
What Are Fair Market Rents (FMRs)?
HUD uses Fair Market Rents to determine payment standards for the Housing Choice Voucher Program (Section 8). The FMR is the 40th percentile of gross rents, includes utilities, and indicates typical rental costs for housing in a given area.
Key Updates in the Revised 2025 FMRs
As a result of updated survey data from public housing agencies (PHAs), HUD revised the 2025 FMRs. The adjustments affect several metropolitan statistical areas (MSAs) and counties.
2025 Fair Market Rent area
0 BR
1 BR
2 BR
3 BR
4 BR
San Luis Obispo-Paso Robles-Arroyo Grande, CA MSA
$1,669
$1,855
$2,434
$3,250
$3,683
Santa Maria-Santa Barbara, CA MSA
2,381
2,688
3,028
4,011
4,468
Santa Rosa, CA MSA
1,879
2,089
2,740
3,743
3,960
Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
2,263
2,394
2,837
3,418
3,761
Beaverhead County, MT
762
937
1,038
1,454
1,743
Big Horn County, MT
926
962
1,262
1,610
1,862
Billings, MT HUD Metro FMR Area
1,013
1,062
1,373
1,888
2,124
Blaine County, MT
841
874
1,147
1,382
1,830
Broadwater County, MT
1,243
1,426
1,694
2,041
2,703
Carter County, MT
884
991
1,205
1,452
1,922
Chouteau County, MT
929
965
1,266
1,536
1,899
Custer County, MT
1,068
1,188
1,558
2,140
2,148
Daniels County, MT
728
762
992
1,356
1,583
Dawson County, MT
891
934
1,215
1,464
1,827
Deer Lodge County, MT
768
946
1,047
1,467
1,729
Fallon County, MT
996
1,044
1,358
1,856
2,167
Fergus County, MT
1,029
1,069
1,402
1,840
2,237
Flathead County, MT
1,202
1,249
1,639
2,184
2,752
Gallatin County, MT
1,448
1,626
2,087
2,924
3,453
Garfield County, MT
781
818
1,065
1,286
1,699
Glacier County, MT
950
1,051
1,236
1,529
1,915
Golden Valley County, MT
952
989
1,298
1,786
2,071
Granite County, MT
748
827
1,020
1,429
1,627
Great Falls, MT MSA
903
948
1,244
1,743
1,977
Hill County, MT
929
1,003
1,266
1,672
1,678
Jefferson County, MT
933
1,037
1,361
1,907
2,171
Judith Basin County, MT
825
864
1,124
1,383
1,793
Lake County, MT
1,055
1,077
1,400
1,766
1,856
Lewis and Clark County, MT
1,094
1,259
1,596
2,106
2,397
Liberty County, MT
735
770
1,002
1,404
1,599
Lincoln County, MT
832
1,024
1,134
1,589
1,904
Madison County, MT
1,139
1,147
1,492
1,798
2,505
McCone County, MT
1,100
1,153
1,500
2,050
2,393
Meagher County, MT
990
1,037
1,350
1,845
2,154
Mineral County, MT
968
1,043
1,319
1,589
1,919
Missoula, MT MSA
1,121
1,339
1,604
2,248
2,694
Musselshell County, MT
956
1,011
1,303
1,826
2,188
Park County, MT
1,066
1,306
1,555
2,162
2,611
Petroleum County, MT
1,100
1,153
1,500
2,050
2,393
Phillips County, MT
691
851
942
1,320
1,503
Pondera County, MT
891
1,097
1,215
1,549
1,904
Powder River County, MT
729
764
994
1,393
1,586
Powell County, MT
806
844
1,098
1,539
1,752
Prairie County, MT
1,100
1,153
1,500
2,050
2,393
Ravalli County, MT
1,090
1,098
1,379
1,932
2,316
Richland County, MT
932
1,148
1,271
1,531
2,134
Roosevelt County, MT
848
887
1,164
1,402
1,857
Rosebud County, MT
843
947
1,149
1,570
1,929
Sanders County, MT
821
884
1,080
1,386
1,814
Sheridan County, MT
861
972
1,174
1,637
1,643
Silver Bow County, MT
945
1,077
1,370
1,920
2,191
Stillwater County, MT HUD Metro FMR Area
877
928
1,218
1,705
2,045
Sweet Grass County, MT
836
902
1,140
1,597
1,819
Teton County, MT
967
1,190
1,318
1,746
1,975
Toole County, MT
875
1,013
1,192
1,670
1,902
Treasure County, MT
1,100
1,153
1,500
2,050
2,393
Valley County, MT
853
886
1,163
1,479
1,747
Wheatland County, MT
794
832
1,082
1,408
1,726
Wibaux County, MT
1,100
1,153
1,500
2,050
2,393
New York, NY HUD Metro FMR Area
2,406
2,511
2,780
3,465
3,738
Implications of the Revised FMRs
Renters According to HUD’s Office of Policy Development and Research, “If FMR estimates do not keep pace with rising rents, families using vouchers may struggle to maintain stable and decent housing access.”
Increased FMRs can give residents better access to housing options in high-cost areas. However, renters in locales with lower FMRs may face challenges if rents outpace these updates.
Landlords Landlords in high-cost regions can benefit from increased payment standards. These changes might also encourage new owners and agents to sign up for the Section 8 program. In these cases, the increased maximum subsidy can cover higher rents, making the program more attractive.
Public Housing Agencies (PHAs) In light of the new FMRs, PHAs will need to adjust their payment standards based on the revised FMRs. This could involve recalibrating budgets and ensuring that assistance aligns with local market conditions.
HUD has published the revised FMRs on its HUD USER website.
