HUD has increased the fair market rents by an average 12% across the United States for 2024.
The U.S. Department of Housing and Urban Development said said the increase, which goes into effect October 1, sets a higher level for the maximum payments for beneficiaries of housing vouchers, allowing them to keep up with rising rents in more competitive rental market
In New York, HUD increased FY24 fair market rents in all FMR areas, with some increasing up to 18%. In Chautauqua County, the rate for efficiencies will raise from $575 this year to $662 in 2024. One bedroom rates will raise from $657 to $711, two-bedroom rates from $826 to $905, and three-bedroom rates from $1,059 to $1,168.
HUD Secretary Marcia Fudge said in a statement, “This year, HUD found that rents rose once again, accentuating the strain on costs for American families. These updated Fair Market Rents and our funding will ensure households can utilize vouchers in a competitive rental market.”
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