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

Wood Ridge, NJ 07075'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 07075 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 $1,458 to a high of $1,782, with an average of $1,620.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,710, a maximum of $2,090, and an average of $1,900.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,971, peaking at a maximum of $2,409, and averaging at $2,190.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,439, a maximum of $2,981, and an average of $2,710.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,069 to a maximum of $3,751, with an average of $3,410.

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 Wood Ridge, NJ 7075 Low Rent (90%) $1,458 $1,710 $1,971 $2,439 $3,069
Average Rent $1,620 $1,900 $2,190 $2,710 $3,410
High Rent(110%) $1,782 $2,090 $2,409 $2,981 $3,751
2023 Wood Ridge, NJ 7075 Low Rent (90%) $1,395 $1,665 $1,935 $2,403 $3,015
Average Rent $1,550 $1,850 $2,150 $2,670 $3,350
High Rent (110%) $1,705 $2,035 $2,365 $2,937 $3,685
2022 Wood Ridge, NJ 7075 Low Rent (90%) $1,359 $1,629 $1,908 $2,376 $2,961
Average Rent $1,510 $1,810 $2,120 $2,640 $3,290
High Rent(110%) $1,661 $1,991 $2,332 $2,904 $3,619
2021 Wood Ridge, NJ 7075 Low Rent (90%) $1,368 $1,647 $1,935 $2,403 $2,979
Average Rent $1,520 $1,830 $2,150 $2,670 $3,310
High Rent (110%) $1,672 $2,013 $2,365 $2,937 $3,641
2020 Wood Ridge, NJ 7075 Low Rent (90%) $1,278 $1,530 $1,800 $2,241 $2,754
Average Rent $1,420 $1,700 $2,000 $2,490 $3,060
High Rent(110%) $1,562 $1,870 $2,200 $2,739 $3,366
2019 Wood Ridge, NJ 7075 Low Rent (90%) $1,323 $1,566 $1,845 $2,331 $2,817
Average Rent $1,470 $1,740 $2,050 $2,590 $3,130
High Rent (110%) $1,617 $1,914 $2,255 $2,849 $3,443


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