How to Calculate WA State Fair Market Rents

Tacoma's updated Rental Housing Code requires that prospective tenants earn at least 3 times the monthly rent when the monthly rent amount is below the Fair Market Rent (FMR) amount set by the U.S. Department of Housing and Urban Development (HUD) and at least 2.5 times the monthly rent when the monthly rent amount is at or above the HUD FMR.

LandlordSolutions has put together a short guide on how calculate Fair Market Rents for your properties. HUD provides comprehensive FMR databases that housing providers should reference when calculating FMR for your property.

1. First, identify the zip code of your property and the unit type that you will be renting. Unit types:
   • Economy/Studio
   • 1 Bedroom
   • 2 Bedroom
   • 3 Bedroom
   • 4 Bedroom
2. Navigate to the Fair Market Rate Database from the U.S. Department of Housing and Urban Development.
3. Select Washington State, select your county, and click "Next Screen."
4. Find the market rate for your unit type. Some metropolitan areas, including the Seattle-Bellevue metro area, are further broken down by ZIP code.
5. Determine if your asking rent is below the HUD FMR or at/above the HUD FMR for the zip code and unit type.