HUD’s fair market rents (FMR) for the Tri-Cities reflect the same thing we’ve seen in other metrics for rents – a slight decline in rates for three-bedroom units.
One and two-bedroom rents are another matter. They increased in the Johnson City MSA and decreased in Kingsport-Bristol.
Four-bedroom units in the Johnson City MSA saw the biggest decline from the 2016 rate.
While the primary used of HUD’s FMR is Section 8 matters, they do tend to follow market price trends.
Kingsport-Bristol FMR by unit bedrooms for 2017 compared to 2016 are:
- 1 bedroom $479, down 4%.
- 2 bedroom $636, down 3.6%.
- 3 bedroom $836, down 2.8%.
- 4 bedroom $914, down 3.4%
In the Johnson City MSA the 2017 FMRs are:
- 1 bedroom $472, up 1.9%.
- 2 bedroom $668, up 1.5%.
- 3 bedroom $846, down 1.3%.
- 4 bedroom $1,000 down 7.3%.
Categories: CORE DATA, LABOR MARKET
You must be logged in to post a comment.