Final FY 2009 Fair Market Rent Documentation System

The Final FY 2009 Garfield County FMRs for All Bedroom Sizes

The following table shows the Final FY 2009 FMRs by unit bedrooms.

Final FY 2009 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2009 FMR	$857	$976	$1,082	$1,335	$1,375

The remainder of this page provides complete documentation of the development of the Final FY 2009 Fair Market Rents (FMRs) for Garfield County, Colorado. This page provides a summary of how the Final FY 2009 FMRs were developed and updated starting with the formation of the FY 2009 FMR Areas from the metropolitan Core-Based Statistical Areas (CBSAs) as established by the Office of Management and Budget and incorporating newly available 2006 American Community Survey (ACS) Data. FY 2009 FMRs include information from local Random Digit Dialing (RDD) surveys conducted during the first quarter of 2008. Aspects of the derivation of Final FY 2009 rents exlusive to FY 2009 are made explicit in the following text. Aspects unchanged from FY 2008 can be reviewed by clicking on the associated link.

Garfield County FMR Area Derivation (RECAP)

Garfield County, CO is a non-metropolitan county under the new metropolitan area definitions used for the Final FY 2009 FMRs.

Final FY 2009 FMRs

A Random Digit Dialing (RDD) Survey was conducted in March, 2008 for Garfield County, CO in response to notice of increased rental housing market pressure as a result of increased oil and gas drilling activity in the area. In order to be as responsive as possible, the survey result was made effective with the publication of Proposed FY 2009 FMRs and constitutes a revision of FY 2008 FMRs (Garfield County FY 2008 FMR Documentation system).

Final FY 2009 2-Bedroom FMR

Garfield County, CO had a Random Digit Dialing survey completed in March, 2008. Since this data is more current than that found in the 2006 ACS information, the RDD result is maintained and updated to April, 2009 the mid-point of FY 2009. Survey results recap:

2008 RDD Evaluation for Garfield County, CO
FY 2008 FMR	April 2008 Trended RDD Result	2008 RDD Error	Decision
$814	$1,050	±$92	Is ABS($814-$1,050)>$92 Is $236>$92 YES RDD Result Used

Following application of the RDD result, the Final FY 2009 2-Bedroom FMR is simply the RDD result trended forward from April 2008 to April 2009. Specifically, the Final FY 2009 FMR is:

$1,050 x 1.03

$1,081

The Final FY 2009 Rents for All Bedroom Sizes

The following table shows the Final FY 2009 FMRs by unit bedrooms. The FMRs for units with different numbers of bedrooms are computed from the ratio of the 2005 Revised Final FMRs (based on 2000 Decennial Census Data) for the different unit sizes to the 2005 2-Bedroom Revised Final FMRs. These Rent Ratios are applied to the Final FY 2009 2-Bedroom FMR to determine the Final FY 2009 FMRs for the different size units.

Click on the links in the table to see how the bedroom rents were derived.

Final FY 2009 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2009 FMR	$857	$976	$1,082	$1,335	$1,375

The FMRs for unit sizes larger than four bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom. For example, the FMR for a five bedroom unit is 1.15 times the four bedroom FMR, and the FMR for a six bedroom unit is 1.30 times the four bedroom FMR. FMRs for single-room occupancy units are 0.75 times the zero bedroom (efficiency) FMR.

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