HUD Issues Proposed FY2014 Fair Market Rents (FMRs) - August 13, 2013

HUD published proposed FMRs for FY2014 in an August 5 notice and table in the Federal Register.  As proposed, FMRs would rise in eight of the 19 FMR areas in Massachusetts and decrease in 11 areas (see summary).  The proposed Increases in the two-bedroom FMR range from 0.1% to 4.7%, including a $10 increase for the Boston-Cambridge-Quincy area, while decreases range from 1% to 7%, including a $91 decrease for Barnstable County.  The proposed FY2014 FMRs for Massachusetts by FMR area can be found here.  HUD has also posted detailed information on how the proposed rent levels were calculated for individual areas on its FMR webpage.

HUD will accept public comments through September 4.  In the notice, HUD encourages interested parties to submit comments if they believe the proposed FMRs for their area are incorrect, even if they do not have the resources to provide market-wide rental data.  While HUD does not have funding to conduct local area rent surveys at present, it will use received comments to prioritize areas for review should funding become available.