The Senate Committee report accompanying the 2018 appropriations act expresses concerns about the accuracy of FMRs, particularly in areas where rents “have risen quickly.” The report directs HUD to submit a report to the House and Senate Committees on Appropriations “describing proposals to update the FMR formula to more accurately reflect the current housing market.” This report recounts the manner in which FMRs are calculated and discusses measures of the accuracy of FMRs. Within the report, HUD breaks the FMR calculation into 3 components and describes the potential sources of inaccuracy for each component along with possible remedies. The 3 components are the FMR trend factor, the inflation-based update factor, and the base rent data from the American Community Survey.