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

Verona, NJ 07044'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 07044 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 $1,548 to a high of $1,892, with an average of $1,720.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,782, a maximum of $2,178, and an average of $1,980.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,151, peaking at a maximum of $2,629, and averaging at $2,390.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,718, a maximum of $3,322, and an average of $3,020.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,141 to a maximum of $3,839, with an average of $3,490.

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 Verona, NJ 7044 Low Rent (90%) $1,548 $1,782 $2,151 $2,718 $3,141
Average Rent $1,720 $1,980 $2,390 $3,020 $3,490
High Rent(110%) $1,892 $2,178 $2,629 $3,322 $3,839
2023 Verona, NJ 7044 Low Rent (90%) $1,242 $1,476 $1,773 $2,250 $2,646
Average Rent $1,380 $1,640 $1,970 $2,500 $2,940
High Rent (110%) $1,518 $1,804 $2,167 $2,750 $3,234
2022 Verona, NJ 7044 Low Rent (90%) $1,125 $1,350 $1,620 $2,061 $2,457
Average Rent $1,250 $1,500 $1,800 $2,290 $2,730
High Rent(110%) $1,375 $1,650 $1,980 $2,519 $3,003
2021 Verona, NJ 7044 Low Rent (90%) $1,197 $1,440 $1,746 $2,223 $2,655
Average Rent $1,330 $1,600 $1,940 $2,470 $2,950
High Rent (110%) $1,463 $1,760 $2,134 $2,717 $3,245
2020 Verona, NJ 7044 Low Rent (90%) $1,089 $1,278 $1,557 $1,989 $2,349
Average Rent $1,210 $1,420 $1,730 $2,210 $2,610
High Rent(110%) $1,331 $1,562 $1,903 $2,431 $2,871
2019 Verona, NJ 7044 Low Rent (90%) $1,080 $1,224 $1,494 $1,908 $2,232
Average Rent $1,200 $1,360 $1,660 $2,120 $2,480
High Rent (110%) $1,320 $1,496 $1,826 $2,332 $2,728


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