The term fair market rent is the amount of money that a certain property would rent for in the area in which it is located. Renters with or without rental assistance should be aware of the fair market rents in their area to ensure the rent they are paying is appropriate for the unit and the amenities that are provided.
Here is a sample table for Fair Market Rents for New York County, New York:
Efficiency | One-Bedroom | Two-Bedroom | Three-Bedroom | Four-Bedroom |
---|---|---|---|---|
$1,196 | $1,249 | $1,481 | $1,904 | $2,134 |
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