Yes, you should report the rent you received and not include the amount that was not received.
The question about fair market rent is based on your agreed amount of rent and you don't need to change your answer because you didn't actually receive the agreed amount of rent.
If the agreed amount of rent is a fair market rent in your area, you can answer that question Yes.
The consequence of answering No, is that you would lose some of your deductions. This is designed to prevent people from renting below market to friends and relatives to generate a tax loss.
Hopefully you will collect the deferred rent this year, or soon after, and you will need to report that in the year you receive it.
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