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MEMORANDUM CPC Agenda Item No. 1 * 4 TO:Honorable Chairman Oliver G. Gilbert, III and Members, Board of County CommissionersDATE:October 10, 2023FROM:Germ BonzonKeenan County AttorneySUBJECT:Ordinance

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How to fill out fair market rents

01

Step 1: Gather all the necessary information such as the location of the property, the size of the property, the number of bedrooms or units, and any additional amenities.

02

Step 2: Research the current fair market rents for similar properties in the same area. You can find this information from local housing authorities or online rental listing platforms.

03

Step 3: Compare the gathered information with the fair market rents in order to determine if your property's rental rates are in line with the market.

04

Step 4: Adjust the rental rates of your property if necessary, considering factors such as property condition, location, amenities, and tenant demand.

05

Step 5: Document your fair market rents by creating a written record or a rental price list for all the units or bedrooms in your property.

06

Step 6: Regularly review and update your fair market rents to ensure they remain competitive and reflective of the current market conditions.

Who needs fair market rents?

01

Landlords: Fair market rents are important for landlords as they help determine the maximum amount they can charge for rent, ensuring they are not overcharging tenants.

02

Tenants: Fair market rents benefit tenants by providing them with an idea of what they should expect to pay for rent in a particular area, enabling them to make informed decisions when searching for a new rental property.

03

Housing Authorities: Fair market rents are used by housing authorities to determine the maximum allowable rent for subsidized housing programs, ensuring fair and affordable housing options for eligible individuals and families.

04

Real Estate Investors: Fair market rents assist real estate investors in assessing the potential profitability of investment properties and making informed decisions regarding rental rates and expected returns.

05

Government Agencies: Fair market rents are utilized by government agencies for various purposes, including housing policy development, statistical analysis, and market research.

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What is fair market rents?

Fair market rents (FMRs) are estimates of the typical rent that a property would lease for in a specific geographic area, used primarily to determine rental assistance payments under certain government programs.

Who is required to file fair market rents?

Landlords and property owners who participate in government programs, such as the Housing Choice Voucher Program, are required to report fair market rents.

How to fill out fair market rents?

To fill out fair market rents, landlords should gather data on comparable rental properties in the area, complete any necessary forms provided by the local housing authority or government agency, and submit them along with required documentation.

What is the purpose of fair market rents?

The purpose of fair market rents is to ensure that housing assistance payments reflect the actual rental market conditions, promoting affordability and preventing discrimination in housing.

What information must be reported on fair market rents?

The information that must be reported on fair market rents includes rental property details, geographic location, average market rents for similar units, and any adjustments made based on unit size or amenities.

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