Fair Market Rent ... means ...?

[Lois Stern]

So, I'm looking at HUD's fair market rent for the area I just purchased a property in. It is a few hundred below what my inspector friend [who is also a landlord] told me I could get for the place.

What exactly does fair market rent mean? Is it what HUD has determined is fair? Is it unlawful for me to ask for more? Is it a minimum? I feel like this is a "explain it like I'm 5" question.

anyone?

thanks