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

Montclair, NJ 07043'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 07043 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 $1,854 to a high of $2,266, with an average of $2,060.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,142, a maximum of $2,618, and an average of $2,380.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,574, peaking at a maximum of $3,146, and averaging at $2,860.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,258, a maximum of $3,982, and an average of $3,620.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,780 to a maximum of $4,620, with an average of $4,200.

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 Montclair, NJ 7043 Low Rent (90%) $1,854 $2,142 $2,574 $3,258 $3,780
Average Rent $2,060 $2,380 $2,860 $3,620 $4,200
High Rent(110%) $2,266 $2,618 $3,146 $3,982 $4,620
2024 Montclair, NJ 7043 Low Rent (90%) $1,854 $2,142 $2,574 $3,258 $3,780
Average Rent $2,060 $2,380 $2,860 $3,620 $4,200
High Rent (110%) $2,266 $2,618 $3,146 $3,982 $4,620
2023 Montclair, NJ 7043 Low Rent (90%) $1,530 $1,818 $2,178 $2,763 $3,258
Average Rent $1,700 $2,020 $2,420 $3,070 $3,620
High Rent(110%) $1,870 $2,222 $2,662 $3,377 $3,982
2022 Montclair, NJ 7043 Low Rent (90%) $1,368 $1,638 $1,962 $2,493 $2,979
Average Rent $1,520 $1,820 $2,180 $2,770 $3,310
High Rent (110%) $1,672 $2,002 $2,398 $3,047 $3,641
2021 Montclair, NJ 7043 Low Rent (90%) $1,422 $1,710 $2,070 $2,628 $3,141
Average Rent $1,580 $1,900 $2,300 $2,920 $3,490
High Rent(110%) $1,738 $2,090 $2,530 $3,212 $3,839
2020 Montclair, NJ 7043 Low Rent (90%) $1,278 $1,512 $1,836 $2,340 $2,772
Average Rent $1,420 $1,680 $2,040 $2,600 $3,080
High Rent (110%) $1,562 $1,848 $2,244 $2,860 $3,388
2019 Montclair, NJ 7043 Low Rent (90%) $1,278 $1,467 $1,782 $2,268 $2,664
Average Rent $1,420 $1,630 $1,980 $2,520 $2,960
High Rent(110%) $1,562 $1,793 $2,178 $2,772 $3,256


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