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Fair Market Rents Definition
Fair Market Rents, or FMRs, are rents in a local market’s average price range. These are used by HUD to set maximum rents for certain HUD-insured loan programs. In general, fair market rents are only applicable to projects involved in the housing choice voucher program (Section 8), projects with certain expiring Section 8 contracts, and projects with certain kinds of SRO (single-room occupancy) housing.