On September 1, the U.S. Department of Housing and Urban Development (HUD) published Fair Market Rents (FMRs) for FY2023. Published annually, FMRs are an estimate of the amount of money that would cover gross rents (rent and utilities) on 40% of the rental housing in a regional area.
In Massachusetts, FMRs are used to set the rent levels that rental vouchers can be used for, including vouchers from the Housing Choice Voucher Program (Section 8), Massachusetts Rental Voucher Program, and the Alternative Housing Voucher Program.
According to HUD, the new FMR levels will enable the voucher program to keep up with rent increases in the private market. These new FMRs will allow voucher holders to access and secure leases in more units so that they can benefit from the housing affordability and stability that vouchers provide.
In Boston, for example the FY2023 FMR for a two-bedroom home is $2,635. That is an increase from the FY2022 FMR of $2,399 in FY2022.