Dictionary of Business Terms: fair market rent
fair market rent
amount a property would command if it were now available for lease.
Dictionary of Real Estate Terms: fair market rent
fair market rent
the amount that a property would command if it were now available for lease. Contrast with contract rent.
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.
