FY2012 Fair Market Rent Documentation System

The Final FY2012 St. John FMRs for All Bedroom Sizes

The following table shows the Final FY2012 FMRs by unit bedrooms for St. John.

Final FY2012 FMRs By Unit Bedrooms
  Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
Final FY2012 FMR $638 $763 $982 $1,217 $1,272

FY2012 FMR areas continue to use the revised Office of Management and Budget (OMB) area definitions that were first issued in 2003 along with HUD defined Metropolitan areas (HMFAs) as described in the FY2011 FMR documentation which can be found at (St. John FY2011 FMR Documentation system). No changes have been made to these OMB-defined areas since the publication of Final FY2011 FMRs

Fair Market Rent Calculation Methodology - New for FY2012

Fair Market Rents for metropolitan areas and non-metropolitan FMR areas in Puerto Rico, the Pacific Islands and the Virgin Islands are developed as follows:

  1. Final FY2011 2-Bedroom FMRs are used as the basis for FY2012, and the FY2011 CPI and Trend Update Factors are removed from the Final FY2011 2-Bedroom FMRs to produce an FY2011 base rent.

  2. The 1-Year 2009 ACS change in 2-Bedrooom Adjusted Standard Quality Rent is used to calculate the FY2012 base rent:


  3. Rents are calculated as of December 2010 using one half of the relevant (regional or local) 2008-2009 CPI change and all of the relevant (regional or local) 2009-2010 CPI change. All estimates are then trended from December 2010 to April 2012 (15 months) with a trending factor of 3 percent per year.

  4. FY2012 FMRs are then compared to a state minimum rent, and any area whose preliminary FMR falls below this value is raised to the level of the state minimum.

The results of the Fair Market Rent Step-by-Step Process

St. John/St. Thomas, VI Results

  1. Remove CPI and Trend Update Factors from Final FY2011 2-Bedroom FMR to establish FY2011 Base Rent:

    Area FY2011 Final FMR FY2011 CPI
    Update Factor    		 FY2011 Trend
    Update Factor    		 FY2011 Base Rent
    St. John/St. Thomas, VI $998 1.03815 1.031.25
    =
    1.03764

    $998

    1.03815 * 1.03764
    =
    $926

  2. Apply 1-Year ACS Adjusted Standard Quality Change for the United States to calculate FY2012 Base Rent:

    Area FY2011 Base Rent ACS2008 1-Year
    2-Bedroom Adjusted
    Standard Quality Rent for
    US Average    		 ACS2009 1-Year
    2-Bedroom Adjusted
    Standard Quality Rent for
    US Average    		 FY2012 Base Rent
    St. John/St. Thomas, VI $926 $836 $852 $926 * ($852 / $836)
    =
    $926 * 1.0191
    =
    $944

  3. Apply CPI and Trend Update Factors to FY2012 Base Rent to calculate FY2012 2-Bedroom FMR:

    Area FY2012 Base Rent FY2012 CPI
    Update Factor    		 FY2012 Trend
    Update Factor    		 FY2012 Base Rent
    St. John/St. Thomas, VI $944 1.00261 1.031.25
    =
    1.03764    		 $944 * 1.002607 * 1.03764
    =
    $982

  4. In keeping with HUD policy, the preliminary FY2012 FMR is checked to ensure that is does not fall below the state minimum for Virgin Islands:

    Area Preliminary FY2012
    2-Bedroom FMR    		 FY2012 Virgin Islands
    State Minimum    		 Final FY2012
    2-Bedroom FMR
    St. John/St. Thomas, VI $982 $584 $982 >= $584

    Use St. John/St. Thomas, VI FMR
    $982

Final FY2012 Rents for All Bedroom Sizes for St. John/St. Thomas, VI

The following table shows the Final FY 2012 FMRs by bedroom sizes.
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 2012 2-Bedroom FMR to determine the Final FY 2012 FMRs for the different size units.

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

Final FY2012 FMRs By Unit Bedrooms
  Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
Final FY2012 FMR $638 $763 $982 $1,217 $1,272

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.

or

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