Fair Market Rent Calculator

FMRs published annually by HUD set affordable rent caps for federal programs.

Metropolitan FMR

Payment standard %

Use SAFMR?

SAFMR adjustment %

Payment standard

$1,450

Differential from FMR

Annual impact

How the math works

Base = FMR × SAFMR adj (if applicable). Payment standard = base × PS %.

$1,450 × 115% × 100% = $1,668. +$218/mo over FMR. $2,610/yr higher.

How to Use

Enter metropolitan fmr.
Enter payment standard %.
Enter use safmr?.
Enter safmr adjustment %.
Read payment standard.

Frequently Asked Questions

FMR landscape?

FMR: 40th percentile of recent move-in rents in metropolitan area. SAFMR: zip-code-specific 40th percentile (more granular). Updated annually by HUD. Housing authorities can set payment standard 90–110% of FMR (sometimes 80% with HUD approval). Used by: HCV (Section 8), HOME, NSP, ESG, CoC programs. SAFMR phased in for 24+ metros: NJ, FL, GA, AZ, OH, others. Allows higher payment in high-cost areas, prevents over-payment in lower-cost. 50-percentile FMR available for high-poverty area exception.

How does this asset class compare to traditional CRE?

Specialty assets (self-storage, RV parks, MHP, marinas, cold storage, data centers, parking, car wash, QSR/c-store, billboards, cell towers) typically offer higher cap rates than office/retail but with more operational complexity. They reward specialized operators with deep market knowledge. Lender pool is narrower, capital costs sometimes 50–150 bps higher, but downside resilience often better.

Capex and operational considerations?

Specialty assets often have heavier operational burden than passive triple-net retail. Self-storage, RV, MHP: tenant turn, security, basic upkeep. Marinas, parking, car wash: equipment-heavy with replacement reserves. Cold storage, data center: utilities are major cost. Billboards, cell towers: minimal opex, near-passive. Match management capacity to asset operational intensity.

Exit strategy?

Specialty asset cap rates have compressed significantly over last cycle but volatility is real. Buyers: REITs, private equity rollups, regional operators, 1031 buyers. Strong NOI history, environmental clarity (especially for car wash, gas station), and lease structure (for billboards, cell towers) drive valuation. Plan exit 24+ months in advance for best execution.