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