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FY 2021 Fair Market Rent Documentation System

The Final FY 2021 St. Thomas Island, VI FMRs for All Bedroom Sizes

Final FY 2021 & Final FY 2021 FMRs By Unit Bedrooms
Year Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
FY 2021 FMR $797 $962 $1,204 $1,498 $1,633
FY 2020 FMR $763 $921 $1,152 $1,436 $1,561

Fair Market Rent Calculation Methodology

For the United States Territories of American Samoa, Guam, Northern Mariana Islands, and the U.S. Virgin Islands, HUD calculates Fair Market Rents based on custom tabulations of the 2010 Island Areas Census. These tabulations provide 40th percentile adjusted gross rents for all renters and recent mover renters. The greater of these two values is used as the base rent for FY 2021. This 2010 value is update to 2018 using the change in national 50th percentile adjusted standard quality gross rents from 2010 to 2018 according to the American Community Survey (ACS). This 2018 value is updated to 2019 using a Consumer Price Index-based regional update factor. Finally, the 2020 value is made "as of" 2021 using a "trend factor".

  1. Determine the appropriate base rent for St. Thomas Island, VI:

    40th Percentile Adjusted Standard Quality Gross Rents 40th Percentile Adjusted Standard Quality Gross Rents - Recent Movers Base Rent
    $841 $903 $903 ≥ $841
    Use base rent of $903

  2. Update the base rent to 2018:

    2010 National 50th Percentile Adjusted Standard Quality Gross Rents 2018 50th Percentile Adjusted Standard Quality Gross Rents Updated Base Rent
    $862 $1,070 $903 *($1,070/$862)=$1,121

  3. The calculation of the relevant CPI Update Factors for St. Thomas Island, VI is as follows: HUD updates the 2018 intermediate rent with the ratio of the annual 2019 local or regional CPI to the annual 2018 local or regional CPI to establish rents as of 2019.

    4. Update Factor Type
    CPI Update Factor 1.0295 Region CPI
  4. The calculation of the Trend Factor is as follows: HUD uses the forecasted change in gross rents from 2019 to 2021 for the West Census Region. This makes Fair Market Rents "as of" FY2021.
    Trend Factor
    1.0433

  5. The FY 2021 2-Bedroom Fair Market Rent for St. Thomas Island, VI is calculated as follows:

    Updated Base Rent CPI Update Factor Trend Factor FY2021 2 Bedroom Fair Market Rent
    $1,121* 1.0295* 1.0433= $1,204

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Prepared by the Program Parameters and Research Division, HUD. Technical problems or questions? Contact Us.