HUD Publishes Fiscal 2023 Fair Market Rents

The national average increase is about 10%, but more in markets that have seen big rent hikes.

The Department of Housing and Urban Development (HUD) has published its Fair Market Rents (FMRs) for fiscal 2023. Nationally, they will increase by an average of approximately 10%, according to the agency.

Published annually, FMRs are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40% of the rental housing units in an area.

Click here to view the fiscal 2023 FMRs.

While the national average increase is about 10%, metros with recent large rent spikes will see corresponding increases to FMRs. For example, FMRs will increase by 33% in Phoenix, 23% in Tampa, Florida, and 15% in Miami, three of the metros that have seen the fastest rent growth since March 2020, according to HUD.