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FY 2014 Fair Market Rent Documentation System

The Final FY 2014 St. John FMRs for All Bedroom Sizes

The following table shows the Final FY 2014 FMRs by unit bedrooms for St. John.

Final FY2014 FMRs By Unit Bedrooms
Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
$668 $798 $1,027 $1,272 $1,330

FY 2014 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

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

  1. Final FY2013 2-Bedroom FMRs are used as the basis for FY2014, and the FY2013 CPI and Trend Update Factors are removed from the Final FY2013 2-Bedroom FMRs to produce an base rent "as of" 2010.
  2. The 1-Year ACS change in 2-Bedrooom Adjusted Standard Quality Gross Rent is used to calculate a base rent as of 2011.
  3. Rents are calculated as of December 2012 using the relevant (regional or local) CPI change of Annual 2012 to Annual 2011, then the National Annual 2012 CPI to December 2012. All estimates are then trended from December 2012 to April 2014 (15 months) with a trending factor of 2.68 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

  1. Remove CPI and Trend Update Factors from Final FY2013 2-Bedroom FMR to establish FY2013 Base Rent:
    Area FY2013 Final FMR FY2013 CPI Update Factor FY2013 Trend Update Factor FY2013 Base Rent
    St. John/St. Thomas, VI $1,030 1.0356 1.03271.25=1.041 $1,030 / (1.0356 * 1.041) = $955
  2. Apply 1-Year ACS Adjusted Standard Quality Change for the United States to calculate FY 2014 Base Rent:
    Area FY2013 Base Rent ACS2010 1-Year 2-Bedroom Adjusted Standard Quality Gross Rent for US Average ACS2011 1-Year 2-Bedroom Adjusted Standard Quality Gross Rent for US Average FY 2014 Base Rent
    St. John/St. Thomas, VI $955 $862 $872 $955 * ($872 / $862)=$955 * 1.0116=$966
  3. The calculation of the relevant CPI Update Factors for St. John is as follows: HUD updates the 2011 intermediate rent with the ratio of the annual 2011 local or regional CPI to the annual 2011 local or regional CPI to establish rents as of 2011. HUD then updates this 2012 annual CPI with the ratio of the December 2012 national CPI to the annual 2010 national CPI to establish rents as of December 2012.
    Year Update Factor Type
    CPI Update Factor 1.0279 Regional CPI
  4. The calculation of the Trend Factor is as follows: HUD applies an additional 15 months of trending to update rents to April, 2014, the mid-point of FY 2014. This trend factor is determined by taking the average annual growth rate in the national 1-Year Median Gross Rent between the 2007 and 2011 American Community Surveys.
    ACS2007U.S. 1-Year Median Gross Rent ACS2011U.S. 1-Year Median Gross Rent Average Annual Change in U.S. 1-Year Median Gross Rent Trend Factor 2.68% for 1.25 years
    $763 $871 ($871 / $763) 1/5=(1.1415) 1/5=1.0268 1.02681.25=1.03365
  5. Apply CPI and Trend Update Factors to FY 2014 Base Rent to calculate FY 2014 2-Bedroom FMR:
    Area FY 2014 Base Rent Annual 2011 to December 2012 CPI Adjustment Trending 2.68% for 1.25 years FY 2014 2-Bedroom FMR
    St. John/St. Thomas, VI $966 1.0279 1.0336 $966 * 1.0279 * 1.0336=$1,027
  6. In keeping with HUD policy, the preliminary FY 2014 FMR is checked to ensure that is does not fall below the state minimum for Virgin Islands:
    Area Preliminary FY 2014 2-Bedroom FMR FY 2014 Virgin Islands State Minimum Final FY 2014 2-Bedroom FMR
    St. John/St. Thomas, VI $1,027 $637 $1,027 ≥ $637 Use St. John/St. Thomas, VI FMR of $1,027

Final FY 2014 Rents for All Bedroom Sizes for St. John/St. Thomas, VI

The following table shows the Final FY 2014 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 2014 2-Bedroom FMR to determine the Final FY 2014 FMRs for the different size units.

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

Final FY 2014 FMRs By Unit Bedrooms
  Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
Final FY 2014 FMR $668 $798 $1,027 $1,272 $1,330

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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Prepared by the Economic and Market Analysis Division, HUD. Technical Problems or questions? Contact Us.