HUD announced today that a recent in-depth survey revealed that rents for modest units in the greater Burlington area are 24% higher than originally estimated. In October 2013, HUD set the monthly fair market rent for a one bedroom apartment in the greater Burlington area at $788, a surprising drop of more than $100 from the prior year’s level.
Since this decline was inconsistent with local data indicating rising--not declining--rents, VHFA and partner housing agencies encouraged HUD to conduct an intensive rent survey of the area.
This revision affects Chittenden, Franklin, and Grand Isle counties.
