WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) published its Fair Market Rents (FMRs) for Fiscal Year 2023. FMRs, published annually, are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40% of the rental housing units in an area. It’s the basis for other HUD calculations, such as Section 8 vouchers.

Nationally, HUD says FMRs will increase by an average of about 10%.

“One of the reasons that housing voucher holders are unable to use those vouchers is because the value of their vouchers has not kept up with rapid rent increases,” says HUD Secretary Marcia L. Fudge. “These new FMRs will make it easier for voucher holders … to access affordable housing in most housing markets, while expanding the range of housing opportunities available to households.”

Florida Fair Market Rents in 2023

HUD has posted a roster of nationwide FMRs broken down by state and, in many cases, metro area. To see a breakdown for Florida, visit HUD’s analysis and select “Florida” from the menu.

The chart further breaks down rentals by size, from efficiencies to four bedrooms. In Florida, the least expensive FMR ranges from $623 for an efficiency in Levy and Washington counties, up to $3,433 for a four-bedroom rental in Monroe County.

HUD is required by law to set FMRs every year. FMRs, which go into effect on Oct. 1, are used in several HUD programs, including to determine the maximum amount that a Housing Choice Voucher will cover.

By Kerry Smith | © 2022 Florida Realtors®