Final FY 2009 Fair Market Rent Documentation System

The Final FY 2009 Tampa-St. Petersburg-Clearwater, FL MSA 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 $705 $782 $946 $1,199 $1,447

The remainder of this page provides complete documentation of the development of the Final FY 2009 Fair Market Rents (FMRs) for Tampa-St. Petersburg-Clearwater, FL MSA. 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.


FY 2009 FMR Area Geography

FY 2009 FMR Areas Follow FY 2008 Area Definitions with Modifications

FY 2009 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 FY 2008 FMR documentation which can be found at (Tampa-St. Petersburg-Clearwater, FL MSA FY 2008 FMR Documentation system). FY 2009 areas reflect changes made to metropolitan areas by OMB through November 20, 2007 as published in OMB bulletin 08-01.

Tampa-St. Petersburg-Clearwater, FL MSA is made up of the following:

Hernando County, FL ; Hillsborough County, FL ; Pasco County, FL ; and Pinellas County, FL .

Tampa-St. Petersburg-Clearwater, FL MSA FMR Area Derivation (RECAP)

Tampa-St. Petersburg-Clearwater, FL MSA is entirely within the old Tampa--St. Petersburg--Clearwater, FL MSA; therefore, no evaluations were made with regard to 2000 Census base rents or 2000 Census Median Family Incomes.


Final FY 2009 FMRs

HUD continues its use of ACS data in FY 2009, by building upon the FY 2008 Final FMRs (Tampa-St. Petersburg-Clearwater, FL MSA FY 2008 FMR Documentation system). As in FY 2008, HUD uses 2006 ACS data in four different ways according to how many two-bedroom standard quality and recent mover sample cases are available in the FMR area or its Core-Based Statistical Area (CBSA). ACS-1 through ACS-4 areas are described in detail here.

In most cases, Final FY 2009 FMRs are based on changes in rents measured by differences in ACS data collected in 2005 and 2006 and updated CPI rent and utility inflation indexes. Depending on the size of the ACS survey sample, State or Local ACS data is used to update a June 2005-calculated gross rent from the Final FY 2008 FMRs (Tampa-St. Petersburg-Clearwater, FL MSA FY 2008 FMR Documentation system) to June 2006. In some cases, as described below, the 2006 ACS Survey result is used instead of a 2005 to 2006 updated value. The ACS updated 2006 rent is then adjusted with CPI inflation factors that measure changes from mid-2006 though year end 2007 and 1.25 years of trending to arrive at Final FY 2009 FMRs. RDD survey results are applied where available and appropriate.

Tampa-St. Petersburg-Clearwater, FL MSA is an ACS-1 area.

ACS-1 areas are FMR Areas which have at least 200 sample cases of two-bedroom standard quality rents. ACS-1 areas may be MSAs, subareas that are assigned CBSA base rents, subareas that have their own base rents, or large nonmetropolitan counties.

In ACS-1 FMR areas, the update factor used to generate the June 2006 value is the ratio of the 2006 ACS two-bedroom standard quality rent to the 2005 ACS two-bedroom standard quality rent for the FMR Area.


Generating a June, 2005 Rent from FY 2008 Final FMRs

In order to apply 2005 to 2006 ACS changes to FMRs (ACS data are assumed to be as of June of their respective survey years), FY 2008 FMRs are first deflated to mid-2005 values by removing the CPI inflation and trend factors used to update mid-2005 values to April, 2008 inherint in the Final FY 2008 FMRs. (Tampa-St. Petersburg-Clearwater, FL MSA FY 2008 FMR Documentation system.)

Rent2005=
Final FY 2008 Rent

(CPI Change2005).5 x (CPI Change2006) x (Trend)

Rent2005=
$883

(1.0410).5 x (1.0670) x (1.0376)

Rent2005=
$883

(1.0203) x (1.0670) x (1.0376)

Rent2005=
$883

(1.0887) x (1.0376)

Rent2005=
$883

1.1296

Rent2005 = $782

The 2005 to 2006 Update Factor using 2006 ACS Data

As stated earlier, Tampa-St. Petersburg-Clearwater, FL MSA is an ACS-1 area.

ACS-1 areas are areas that have at least 200 ACS standard quality survey results in both the 2005 and 2006 surveys.

The 2006 ACS data contains enough Recent Mover observations for Tampa-St. Petersburg-Clearwater, FL MSA to evaluate whether the 2006 Updated rent is statistically different from the survey result. As will be shown in the table below, the 2006 Updated rent is not statistically different from the 2006 Recent Mover ACS Survey result for Tampa-St. Petersburg-Clearwater, FL MSA.

The 2005 and 2006 ACS results for Tampa-St. Petersburg-Clearwater, FL MSA are used in the calculation of the 2005 to 2006 update factor.

The 2005 ACS result is $802 and the 2006 ACS result is $851. This leads to an update factor of:

UpdateFactor05-06 = $851 / $802

UpdateFactor05-06 = 1.0611

Therefore, the 2006 Updated intermediate rent for Tampa-St. Petersburg-Clearwater, FL MSA is:

2006 ACS Recent Mover Survey Result Evaluation for
Tampa-St. Petersburg-Clearwater, FL MSA
Rent2005 Local SQ Update Factor Local SQ Updated Rent 2006 ACS Local
Recent Mover Rent
2006 ACS Survey
Confidence Interval
Is the Local SQ-Updated Rent Outside The Confidence Interval of RM Rent? 2006 Basis 2006 Intermediate Rent
$782 1.0611 $830 $830 $811-$849 NO
Recent Mover Rent is not statistically different from updated rent
SQ updated rent $830

NOTE: The update factor shown in the calculation above may not match exactly the 2005 - 2006 update factor shown throughout the demonstration due to the rounding of Fair Market Rents to whole dollar amounts


The 2006-to-2009 Update Factors

HUD updates the 2006 itermediate rent (as of June 2006) with the appropriate CPI change (local or regional) to establish rents as of December 2007. HUD then applies additional trending or results of Random Digit Dialing (RDD) surveys to update rents to April, 2009, the mid-point of FY 2009.

The Tampa-St. Petersburg-Clearwater, FL MSA has the following 2006-to-2009 Update Factor:

Update Factors used between June 2005 and April 2008
Year Update Factor Type Local RDD Completed? Local RDD Used?
6/2006 to 2007 1.0991 Local CPI Factor No No
2007 to 2009 1.0376 Trend Factor
3% for 1.25 Years
=1.031.25
No No

Final FY 2009 2-Bedroom FMR

The Final FY 2009 2-Bedroom FMR is simply the product of the 2005 Rent from deflated from FINAL FY 2008 FMRs, the 2005-to-2006 Update Factor and the 2006-to-2009 Update Factors for Tampa-St. Petersburg-Clearwater, FL MSA as determined above:

Tampa-St. Petersburg-Clearwater, FL MSA Final FY 2009 FMR

= $782 x 1.0611 x 1.0991 x 1.0376

= $830 x 1.0991 x 1.0376

= $912 x 1.0376

= $946


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 $705 $782 $946 $1,199 $1,447

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.


Data file last updated Mon., Apr 13, 2009.


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