Fair Market Rent

Amount a property would command if it were now available for lease.

The amount that a property would command if it were now available for Lease. Contrast with Contract Rent. See Economic Rent, Rent Control, Section 8 Housing.
Example: The fair market rent for an apartment is estimated at $800 per month. Under Section 8, the Tenant is required to pay 20% of her income toward rent; the Landlord would receive a payment from the government to make up the difference.