Fair Market REnt

 

2023-2024 FMRs By Unit Bedrooms
Year Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom Five-Bedroom
CY 2023 FMR $804 $922 $1,202 $1,610 $1,809  $2,080
CY 2024 FMR $891 $1,010 $1,314 $1,746 $1,942  $2,233

The Office of Management and Budget release new Core Based Statistical Area definitions in February 2013.  The Census American Community Survey Incorporated these definitions in the ACS2013 Release, which are the basis for FY2016 Fair Market Rents.  

 

HUD has elected to continue use of the pre-2013 definitions except where the post-2013 definitions result in a smaller FMR area.  This is consistent with HUD's objective to maximize tenant choice by allowing FMRs to vary locally.

 

Butler County, Ohio is part of the Cincinnati-Middleton, OH-KY-IN HUD Metro FMR Area, which consists of the following counties:  Dearborn County, Indiana; Ohio County, Indiana; Boone County, Kentucky; Bracken County, Kentucky; Campbell County, Kentucky; Gallatin County, Kentucky; Kenton County, Kentucky; Pendleton County, Kentucky; Butler County, Ohio; Clermont County, Ohio; Hamilton County, Oho; and Warren County, Ohio.  All information here applies to the entirety of the Cincinnati-Middleton, OH-KY-IN HUD Metro FMR Area.

 

Fair Market Rent Calculation Methodology

Fair Market Rents for metropolitan areas and non-metropolitan FMR areas are developed as follows:

 

  1. 2010-2015 5-year American Community Survey (ACS) estimates of 2-bedroom adjusted standard quality gross rents calculated for each FMR area are used as the new basis for FY2018 provided the estimate is statistically reliable.  For FY2018, the test for reliability is whether the margin of error for the estimate is less than 50% of the estimate itself and whether the ACS estimate is based on at least 100 survey cases.  HUD does not receive the exact number of survey cases, but rather a categorical variable known as the count indicator indicating a range of cases.  An estimate based on at least 100 cases corresponds to a counter indicator of 4 or higher. 

    If an area does not have a reliable 2010-2015 5-year, HUD checks whether the area has had at least minimally reliable estimate in any of the past 3 years, or estimates that meet the 50% margin or error test described above.  If so, the FY2018 base rent is the of the inflated ACS estimates.