FMR Trends: How Rents Have Changed Since 2000
Mar 12, 2026
Looking at HUD Fair Market Rent data from FY2000 through FY2024 tells a story of dramatic change in US rental markets — marked by two major inflection points: the 2008 financial crisis and the 2020-2022 pandemic-era housing boom.
The 2000s: Slow and Steady Growth
From 2000 to 2007, FMRs grew modestly in most markets — around 2-4% per year, roughly in line with general inflation. There were regional variations, with coastal metros like San Francisco and New York growing faster than Midwest and Southern cities, but overall the rental market was stable.
The Recession and Its Aftermath (2008-2012)
The 2008 financial crisis and subsequent recession caused FMR growth to slow dramatically or even reverse in some markets. Unemployment rose, demand for rentals fell, and landlords competed for fewer tenants. Some metros saw multi-year flat FMRs during this period.
The 2020-2024 Surge
The COVID-19 pandemic caused a dramatic reshuffling of the US rental market. Initially, urban markets saw rents fall as remote workers fled cities; subsequently, demand surged as people sought more space, savings accumulated, and housing supply couldn't keep up. By 2022-2024, FMRs were rising 10-20% per year in many markets — far faster than income growth.
Explore FMR history for San Francisco or any other area.