HUD released fair market rents (FMR) for fiscal year 2025 on Aug. 14, 2024, with an effective date of Oct. 1, 2024.
Beginning in 2025, 41 additional metropolitan areas will be required to implement small area FMRs. And after more than ten percent increases in 2023 and 2024, the 2025 FMRs have a more modest average increase of four percent. Last year, 99 percent of areas had an increase, however in 2025, around 20 percent of areas will see a decrease. Even with a modest average increase of four percent, there were still a few areas with large increases.
