Final FY 2010 Fair Market Rent Documentation System

The Final FY 2010 Transylvania County FMRs for All Bedroom Sizes

The following table shows the Final FY 2010 FMRs by unit bedrooms.

Final FY 2010 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2010 FMR	*$502*	*$698*	*$773*	*$976*	*$1,029*

The remainder of this page provides complete documentation of the development of the Final FY 2010 Fair Market Rents (FMRs) for Transylvania County, North Carolina. This page provides a summary and details of how the Final FY 2010 FMRs were developed and updated starting with the formation of the FY 2010 FMR Areas from the metropolitan Core-Based Statistical Areas (CBSAs) as established by the Office of Management and Budget and incorporating newly available 2007 one and three year American Community Survey (ACS) Data. FY 2010 FMRs include information from local Random Digit Dialing (RDD) surveys conducted during 2008. Aspects of the derivation of Final FY 2010 rents exclusive to FY 2010 are made explicit in the following text. Aspects unchanged from FY 2009 can be reviewed by clicking on the associated link.

The following defines a summary of the steps taken to generate the Final FY 2010 FMR:

Transylvania County, NC Final FY 2010 FMR Calculation Summary
Process Step	Step Result
1. An RDD was performed in September 2007	$702
2. Apply Appropriate Update Factors to compute Final FY 2010 2BR FMR	$773

Transylvania County FMR Area Derivation (RECAP)

Transylvania County, NC is a non-metropolitan county under the new metropolitan area definitions used for the Final FY 2010 FMRs.

Final FY 2010 FMRs

The FY2009 FMR for Transylvania County, NC is based on a Random Digit Dialing (RDD) Survey conducted in September 2007, not on ACS or Decennial Census survey data. The details of this RDD can be found at Transylvania County FY 2009 FMR Documentation system. Because of this RDD, the regular FY2010 processing done for ACS or Decennial based FMRs is not done for Transylvania County, NC. This RDD based FMR will be updated annually using CPI and trending until data more recent than the RDD become available. In the case of Transylvania County, NC, the 2008 ACS data, currently scheduled for release during the the latter part of 2009, will be more recent than the RDD data. Based on current information, the 2008 ACS survey data will serve as the basis for FY2011 FMRs.

Final FY 2010 2-Bedroom FMR

To generate the Final FY 2010 2-bedroom FMR, the 2007 RDD result is inflated to the end of 2008 using CPI data and trended to April 2010, the mid-point of FY 2010. The Transylvania County survey was conducted in September 2007. (To see the application of the survey results, please see the Transylvania County FY 2009 FMR Documentation system Therefore, the RDD survey result is inflated to the end of 2008 using 3 months of 2007 CPI data and 12 months of 2008 regionally based CPI data to generate an update factor of 1.0613 to update the rent to December of 2008.

Multiplying the RDD result by the CPI based update factor, and then by the standard trend factor of 1.0376 (3 percent annually for 1.25 years) yields a Final FY 2010 2-Bedroom FMR of:

$702 x 1.0099 x 1.0509 x 1.0376

$709 x 1.0509 x 1.0376

$745 x 1.0376

$773

The Final FY 2010 Rents for All Bedroom Sizes

The following table shows the Final FY 2010 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 2010 2-Bedroom FMR to determine the Final FY 2010 FMRs for the different size units.

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

Final FY 2010 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2010 FMR	$502	$698	$773	$976	$1,029

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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