Fair Market Rents have increased by a national average of 10% since 2022, according to a fact sheet published by U.S. Department of Housing and Urban Development (HUD). And additional research by Affordable Housing Online has found that some areas of the country are experiencing much higher rent increases than the national average.
Using HUD’s recently updated Fair Market Rents for 2023, the data reveals spikes in housing costs all over the country.
Some of these areas are reflecting rapid economic or population changes, like Divide County, ND, which saw a greater than 60% increase in rent changes due to the North Dakota oil boom.
Other areas reflect households moving to commuter enclaves in hopes of reducing their housing costs. We see this in King and Queen County, VA, as residents who telework or commute to Richmond have put strain on the local economy.
Here are the biggest changes in Fair Market Rents over the last year:
|Area||2023 FMR*||2022 FMR*||% Increase|
|Divide County, ND||$1,267||$789||60.58%|
|Hood River County, OR||$1,716||$1,261||36.08%|
|Monterey County, CA||$2,675||$1,967||35.99%|
|Maricopa County, AZ||$1,740||$1,311||32.72%|
|Pinal County, AZ||$1,740||$1,311||32.72%|
|San Benito County, CA||$2,155||$1,649||30.69%|
|Esmeralda County, NV||$1,009||$782||29.03%|
|Kent County, MI||$1,326||$1,041||27.38%|
|King and Queen County, VA||$902||$718||25.63%|
|Washington County, AL||$883||$705||25.25%|
To find current Fair Market Rents in your area, search for your city or county on Affordable Housing Online.