2025 NYC Fair Market Rent Rates: What Voucher Holders and Landlords Need to Know

HUD publishes Fair Market Rent rates every year, and these numbers determine how much voucher programs will pay for apartments in New York City. If you have a housing voucher or you're a landlord considering whether to accept one, these are the numbers that matter.

The FY 2025 rates for NYC were revised in April 2025 after the city submitted updated local rent survey data. The new rates went into effect on April 28, 2025.

2025 Fair Market Rent by Bedroom Size

These rates apply to the New York, NY HUD Metro FMR Area, which covers all five boroughs.

What Fair Market Rent Actually Means

FMR is HUD's estimate of what a modest rental unit costs in a given area. It's set at the 40th percentile of rents, meaning 40% of units in the area rent for less than the FMR and 60% rent for more.

A few things worth understanding:

FMR is not a hard cap on what you can rent. Public Housing Authorities can set their payment standards anywhere between 90% and 110% of FMR. Some PHAs in high-cost areas (like parts of NYC) can go even higher with HUD approval.

Your voucher size matters. A family with a 2-bedroom voucher can rent a 1-bedroom or 3-bedroom apartment if they want, but the payment standard will still be based on their voucher size (2-bedroom), not the actual unit.

Utilities factor in. FMR is supposed to include utilities. If the tenant pays utilities separately, the PHA subtracts a utility allowance from the payment standard, which reduces the maximum rent the landlord can charge.

What This Means If You Have a Voucher

The slight increases in 2025 FMRs are good news, though the changes are modest (1-2% in most cases). If you're searching for housing, these numbers give you a rough sense of the maximum rent you can afford.

In practice, finding apartments at or below FMR in NYC is hard. The rates haven't kept pace with actual market rents in most neighborhoods, which is part of why voucher holders struggle to find housing.

That said, some landlords do rent at FMR levels, particularly in the outer boroughs. The key is finding them. You can browse voucher-friendly listings on VoucherMatch or use our Rent Analyzer tool to check FMR rates for specific ZIP codes.

What This Means If You're a Landlord

If you already rent to voucher tenants and your current rent is below the new FMR, you may be able to request a rent increase. The process varies by PHA, but generally involves submitting a request with documentation of comparable rents in the area.

For example, if you have a 2-bedroom unit currently rented at $2,600/month and the new FMR is $2,780, you could potentially request an increase. The PHA isn't obligated to approve it, but if your rent is below the payment standard and comparable to other units in the area, the request has a reasonable chance.

If you're thinking about accepting vouchers for the first time, these numbers tell you whether your rents are in the right range. A 1-bedroom at $2,400/month falls comfortably within the $2,511 FMR. A 1-bedroom at $3,200/month probably won't work unless the tenant can cover the difference out of pocket (which most can't).

FMR Varies by ZIP Code

NYC actually uses Small Area Fair Market Rents (SAFMRs) for many programs, which means the payment standard varies by ZIP code rather than being one flat rate for the whole city. Areas with higher market rents get higher payment standards.

This matters because a 2-bedroom in Williamsburg might have a different payment standard than a 2-bedroom in East New York, even though they're both in Brooklyn.

You can check the exact FMR for any ZIP code using our Rent Analyzer.

When These Rates Change

HUD publishes new FMR rates every fiscal year, typically in the fall with an October 1 effective date. The FY 2025 rates were delayed because NYC requested a reevaluation, which is why they didn't take effect until April 2025.

FY 2026 rates will likely be published in August or September 2025 and take effect October 1, 2025. We'll update this page when the new rates come out.

The Bottom Line

FMR rates increased slightly for 2025, which is better than a decrease but doesn't dramatically change the landscape for voucher holders or landlords. The numbers are what they are.

If you're a voucher holder, these rates give you a baseline for what you can afford. If you're a landlord with rents below FMR, you might have room to request an increase. If you're a landlord above FMR, you'll need to decide whether to lower your rent or wait for a tenant who can cover the gap.

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Data source: HUD FY 2025 Fair Market Rents, revised and effective April 28, 2025.