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

Passaic, NJ 07055'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 07055 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 $1,035 to a high of $1,265, with an average of $1,150.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,215, a maximum of $1,485, and an average of $1,350.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,395, peaking at a maximum of $1,705, and averaging at $1,550.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,728, a maximum of $2,112, and an average of $1,920.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,169 to a maximum of $2,651, with an average of $2,410.

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 Passaic, NJ 7055 Low Rent (90%) $1,035 $1,215 $1,395 $1,728 $2,169
Average Rent $1,150 $1,350 $1,550 $1,920 $2,410
High Rent(110%) $1,265 $1,485 $1,705 $2,112 $2,651
2023 Passaic, NJ 7055 Low Rent (90%) $999 $1,197 $1,386 $1,719 $2,160
Average Rent $1,110 $1,330 $1,540 $1,910 $2,400
High Rent (110%) $1,221 $1,463 $1,694 $2,101 $2,640
2022 Passaic, NJ 7055 Low Rent (90%) $927 $1,107 $1,296 $1,611 $2,007
Average Rent $1,030 $1,230 $1,440 $1,790 $2,230
High Rent(110%) $1,133 $1,353 $1,584 $1,969 $2,453
2021 Passaic, NJ 7055 Low Rent (90%) $945 $1,134 $1,332 $1,656 $2,052
Average Rent $1,050 $1,260 $1,480 $1,840 $2,280
High Rent (110%) $1,155 $1,386 $1,628 $2,024 $2,508
2020 Passaic, NJ 7055 Low Rent (90%) $864 $1,035 $1,224 $1,521 $1,872
Average Rent $960 $1,150 $1,360 $1,690 $2,080
High Rent(110%) $1,056 $1,265 $1,496 $1,859 $2,288
2019 Passaic, NJ 7055 Low Rent (90%) $864 $1,017 $1,197 $1,512 $1,827
Average Rent $960 $1,130 $1,330 $1,680 $2,030
High Rent (110%) $1,056 $1,243 $1,463 $1,848 $2,233


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