Housing prices jumped during the COVID-19 pandemic as remote work caused many Americans to reconsider their living situations. Rent prices also rose, with inflation-adjusted median rent growing from $1,163 in 2019 to $1,191 in 2021, according to the US Census Bureau.
However, the Department of Housing and Urban Development (HUD) fair market rent data provides a more up-to-date and local look at rent across the US. Calculated fair market rents correspond to the 40th percentile of rent that new tenants in a given area are paying.[1] For example, if a county’s fair market rent for a one-bedroom apartment is $1,000, then 40% of one-bedroom apartments in that county cost less than $1,000 and 60% of rents cost more. Data is updated one to two times every year.
