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

Maplewood, NJ 07040'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 07040 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 $1,683 to a high of $2,057, with an average of $1,870.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,944, a maximum of $2,376, and an average of $2,160.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,340, peaking at a maximum of $2,860, and averaging at $2,600.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,961, a maximum of $3,619, and an average of $3,290.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,420 to a maximum of $4,180, with an average of $3,800.

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 Maplewood, NJ 7040 Low Rent (90%) $1,683 $1,944 $2,340 $2,961 $3,420
Average Rent $1,870 $2,160 $2,600 $3,290 $3,800
High Rent(110%) $2,057 $2,376 $2,860 $3,619 $4,180
2023 Maplewood, NJ 7040 Low Rent (90%) $1,368 $1,629 $1,953 $2,475 $2,907
Average Rent $1,520 $1,810 $2,170 $2,750 $3,230
High Rent (110%) $1,672 $1,991 $2,387 $3,025 $3,553
2022 Maplewood, NJ 7040 Low Rent (90%) $1,215 $1,449 $1,746 $2,223 $2,646
Average Rent $1,350 $1,610 $1,940 $2,470 $2,940
High Rent(110%) $1,485 $1,771 $2,134 $2,717 $3,234
2021 Maplewood, NJ 7040 Low Rent (90%) $1,278 $1,539 $1,863 $2,376 $2,835
Average Rent $1,420 $1,710 $2,070 $2,640 $3,150
High Rent (110%) $1,562 $1,881 $2,277 $2,904 $3,465
2020 Maplewood, NJ 7040 Low Rent (90%) $1,125 $1,323 $1,611 $2,052 $2,430
Average Rent $1,250 $1,470 $1,790 $2,280 $2,700
High Rent(110%) $1,375 $1,617 $1,969 $2,508 $2,970
2019 Maplewood, NJ 7040 Low Rent (90%) $1,116 $1,269 $1,548 $1,980 $2,313
Average Rent $1,240 $1,410 $1,720 $2,200 $2,570
High Rent (110%) $1,364 $1,551 $1,892 $2,420 $2,827


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