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

Allendale, NJ 07401'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 07401 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 $1,809 to a high of $2,211, with an average of $2,010.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,124, a maximum of $2,596, and an average of $2,360.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,439, peaking at a maximum of $2,981, and averaging at $2,710.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,024, a maximum of $3,696, and an average of $3,360.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,798 to a maximum of $4,642, with an average of $4,220.

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 Allendale, NJ 7401 Low Rent (90%) $1,809 $2,124 $2,439 $3,024 $3,798
Average Rent $2,010 $2,360 $2,710 $3,360 $4,220
High Rent(110%) $2,211 $2,596 $2,981 $3,696 $4,642
2023 Allendale, NJ 7401 Low Rent (90%) $1,566 $1,872 $2,169 $2,691 $3,384
Average Rent $1,740 $2,080 $2,410 $2,990 $3,760
High Rent (110%) $1,914 $2,288 $2,651 $3,289 $4,136
2022 Allendale, NJ 7401 Low Rent (90%) $1,485 $1,782 $2,088 $2,601 $3,240
Average Rent $1,650 $1,980 $2,320 $2,890 $3,600
High Rent(110%) $1,815 $2,178 $2,552 $3,179 $3,960
2021 Allendale, NJ 7401 Low Rent (90%) $1,521 $1,818 $2,142 $2,664 $3,303
Average Rent $1,690 $2,020 $2,380 $2,960 $3,670
High Rent (110%) $1,859 $2,222 $2,618 $3,256 $4,037
2020 Allendale, NJ 7401 Low Rent (90%) $1,512 $1,809 $2,133 $2,655 $3,258
Average Rent $1,680 $2,010 $2,370 $2,950 $3,620
High Rent(110%) $1,848 $2,211 $2,607 $3,245 $3,982
2019 Allendale, NJ 7401 Low Rent (90%) $1,620 $1,926 $2,259 $2,853 $3,456
Average Rent $1,800 $2,140 $2,510 $3,170 $3,840
High Rent (110%) $1,980 $2,354 $2,761 $3,487 $4,224


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