Fair Market Rent Trends

Fair Market Rents (FMRs) are established by the Department of Housing and Urban Development (HUD) and are gross rent estimates. FMRs are primarily used to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment contracts, and to serve as a rent ceiling in the HOME rental assistance program. More detailed information can be found here.

On a broad level, FMRs provide general trends in the costs of rent over time and allow for rent trend comparisons between communities. 

Fair Market Rents for All Bedroom Sizes - Corvallis | Benton County Only

Year Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
2024 $1,192 $1,236 $1,570 $2,212 $2,495
2023 $1,107 $1,158 $1,430 $2,032 $2,410
2022 $1,000 $1,065 $1,272 $1,807 $2,177
2021 $932 $1,031 $1,217 $1,742 $2,107
2020 $869 $991 $1,177 $1,698 $2,066
2019 $767 $886 $1066 $1541 $1872
2018 $680 $801 $976 $1420 $1719
2017 $619 $750 $930 $1354 $1639
2016 $530 $661 $838 $1221 $1463
2015 $490 $628 $823 $1213 $1458
2014 $490 $629 $824 $1214 $1459

Source: https://huduser.gov/portal/datasets/fmr.html

FMRs are typically posted each September and become effective for partner agencies on October 1 (the beginning of the federal fiscal year).