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HUD’s 2016 Fair Market Rent standards are effective tomorrow

Posted by: Leslie Black-Plumeau on December 10, 2015 - 1:48pm

Earlier this week, HUD published the final 2016 Fair Market Rent standards that will take effect as of tomorrow, December 11, 2015. FMRs are intended to represent the dollar amount below which 40 percent of the standard-quality rental housing units in an area are rented. They are used in HUD rental assistance programs, including the Section 8 and HOME programs.

In half of Vermont’s counties, the new FMRs are slightly higher than last year. However, in the more densely populated Burlington-South Burlington metropolitan area, FMRs decreased by about 8 percent due to a change in the methodology used there.

Comprehensive information on FMR trends from 1992-2016 for 0-, 1-, 2-, 3-, and 4-bedroom Vermont rental units is available now on the Vermont Housing Data website

Two-bedroom unit Fair Market Rents in Vermont

 

2016

2015

Extent to which

2016 exceeds 2015

Addison County

$  935

$  925

$  10

Bennington County

962

935

27

Caledonia County

837

805

32

Chittenden County

1,158

1,328

-170

Essex County

751

715

36

Franklin County

1,158

1,328

-170

Grand Isle County

1,158

1,328

-170

Lamoille County

944

966

-22

Orange County

909

894

15

Orleans County

758

762

-4

Rutland County

885

904

-19

Washington County

974

983

-9

Windham County

1,007

972

35

Windsor County

1,029

1,017

12

 

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