Rentals: sometimes a dirty word in the Real Estate Sales world, but one pertinent nonetheless to consider when making the decision to purchase or rent a property. If you are going to rent over purchasing a property (equity loss issues aside) you should have the Fair Market Rent data for the area. HUD defines Fair Market Rent as follows(see HUDs user glossary): FAIR MARKET RENT (FMR): 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 contracts in the Moderate Rehabilitation Single Room Occupancy program, and to serve as a rent ceiling in the HOME rental assistance program. The greater majority of tenants will not be using such a program but the data is nevertheless useful to gather a ballpark sense of what an appropriate rent amount should be for properties delineated by number of bedrooms. (expect detached homes and high demand locations to exceed these values, while apartments, duplexes, and low demand locations may lease for less than these values) Final FY 2014 FMRs By Unit Bedrooms Efficiency $466.00 One-Bedroom $533.00 Two-Bedroom $685.00 Three-Bedroom $1,009.00 Four-Bedroom $1,190.00 huduser.org/portal/datasets/fmr/fmrs/FY2014_code/2014summary.odn?inputname=METRO22220M22220&disp_name=Washington County&cbsasub=METRO22220M22220&data=2014&year=2014&fmrtype=Final&cbsamet=22220&fipscode=0514399999
Posted on: Thu, 04 Sep 2014 14:19:48 +0000
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