HUD FY 2024 Oregon Fair Market Rents Published. Portland Metro 2 BR FMR Tops $2K for First Time, Increasing by 10.1%/$185 A Month.

HUD has published FY 2024 Fair Market Rents, effective October 1, 2023 HERE. 

I have prepared a table pasted below that shows by county the 2 BR FMR rent change from FY 2023-FY2024.  I also include a high to low ranking of the FY percentage rate of change. 

2 BR FMR Observations:

• The Portland metro increase is 10.1%, $185 per month to $2,024. That's the 3rd largest % Oregon county increase. 
• The largest % increase is 15.3% in  Josephine county; the smallest--a 9.9% DECREASE--is in Douglas county. 
• I calculate the median (unweighted by size of voucher program) increase at 7.8%, 

Housing Voucher Impacts

Note that housing authorities have 90 days to implement changes in payment standards for the housing voucher program to insure that they are within 90-110% of the new FMR's. 

Several Oregon PHA's have Moving to Work authority which may allow them to approve payment standards within a wider range of FMR. 

Portland Metro SHS Regional Long Term Rental Assistance Rents are Also Impacted

ALSO, note that Portland Metro Supportive Housing Services Region Long Term Rental Assistance rents are calculated at 120% of Fair Market Rents, so a change in HUD FMR's also means a potential increase in rents/costs for RLRA.  

After October 1st current Metro SHS rules would allow a RLRA 2 BR FMR of up to $2,429.

Originally created and posted on the Oregon Housing Blog.