Definitions for "Fair Market Rent"
Keywords:  bedroom, rent, luxury, modest, fmr
The Department of Housing and Urban Development (HUD) defines this as $802 a month for a one-bedroom apartment in Chicago in Fiscal Year 2006. This figure should not be more than 30% of a householdâ€(tm)s income and should include the cost of the shelter rent plus the cost of all utilities, except telephones.
The rent which would be normally agreed upon by a willing landlord and tenant in an "arm's length transaction" for a specific property at a given time.
The rent a property commands in a free and open market setting.