What is Fair Market Rent? The Department of Housing and Urban Development provides the following summary:
Fair Market Rents (FMRs) are primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), and to serve as a rent ceiling in the HOME rental assistance program.
I pulled together 11 of the most populous metropolitan areas according to the 2010 US Census (although I cheated and added Seattle and San Francisco into the mix, they are technically further down on the list). I’ve also included the national average FMR shown with a dotted black line.