Fair Market Rent
Alameda County, California is part of the Oakland-Fremont, CA HUD Metro FMR Area, which consists of the following counties: Alameda County, CA; and Contra Costa County, CA. All information here applies to the entirety of the Oakland-Fremont, CA HUD Metro FMR Area.
Fair Market Rent Calculation Methodology
The FY 2021 Fair Market Rents for Oakland-Fremont, CA HUD Metro FMR Area are based on the results of a local rent survey conducted in November, 2018.
The locally conducted survey is more current than the available ACS data. Therefore HUD calculates the locally based survey 2-bedroom FMR using the following steps:
The local survey is adjusted to 2018 dollars by multiplying the survey rent value for 2018 by the annual CPI-U value for 2018 divided by the CPI-U value for November, 2018. This calculation is:
$2,104 * (251.107/252.038) = $2,096
The annually adjusted survey value of $2,096 is augmented by the growth in gross rents from the San Francisco-Oakland-Hayward, CA MSA measured between 2018 and 2019. This calculation is:
$2,096 * 1.0360 = $2,172
The CPI adjusted survey value of $2,172 is trended forward to the mid-point of FY2021 using the San Francisco-Oakland-Hayward, CA MSA trend factor of 1.0974. This calculation is:
$2,172 * 1.0974 = $2,383