The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Florence, MA 01062's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 01062 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $882 to a high of $1,078, with an average of $980.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,053, a maximum of $1,287, and an average of $1,170.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,296, peaking at a maximum of $1,584, and averaging at $1,440.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,575, a maximum of $1,925, and an average of $1,750.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,845 to a maximum of $2,255, with an average of $2,050.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Florence, MA 1062 Low Rent (90%) $882 $1,053 $1,296 $1,575 $1,845
Average Rent $980 $1,170 $1,440 $1,750 $2,050
High Rent(110%) $1,078 $1,287 $1,584 $1,925 $2,255
2023 Florence, MA 1062 Low Rent (90%) $756 $918 $1,134 $1,386 $1,665
Average Rent $840 $1,020 $1,260 $1,540 $1,850
High Rent (110%) $924 $1,122 $1,386 $1,694 $2,035
2022 Florence, MA 1062 Low Rent (90%) $657 $792 $990 $1,224 $1,467
Average Rent $730 $880 $1,100 $1,360 $1,630
High Rent(110%) $803 $968 $1,210 $1,496 $1,793
2021 Florence, MA 1062 Low Rent (90%) $657 $792 $999 $1,242 $1,458
Average Rent $730 $880 $1,110 $1,380 $1,620
High Rent (110%) $803 $968 $1,221 $1,518 $1,782
2020 Florence, MA 1062 Low Rent (90%) $657 $774 $990 $1,233 $1,431
Average Rent $730 $860 $1,100 $1,370 $1,590
High Rent(110%) $803 $946 $1,210 $1,507 $1,749
2019 Florence, MA 1062 Low Rent (90%) $621 $738 $945 $1,188 $1,359
Average Rent $690 $820 $1,050 $1,320 $1,510
High Rent (110%) $759 $902 $1,155 $1,452 $1,661


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