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

Bloomingdale, NJ 07403'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 07403 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 $1,494 to a high of $1,826, with an average of $1,660.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,755, a maximum of $2,145, and an average of $1,950.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,016, peaking at a maximum of $2,464, and averaging at $2,240.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,493, a maximum of $3,047, and an average of $2,770.
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 Bloomingdale, NJ 7403 Low Rent (90%) $1,494 $1,755 $2,016 $2,493 $3,141
Average Rent $1,660 $1,950 $2,240 $2,770 $3,490
High Rent(110%) $1,826 $2,145 $2,464 $3,047 $3,839
2023 Bloomingdale, NJ 7403 Low Rent (90%) $1,404 $1,674 $1,944 $2,412 $3,033
Average Rent $1,560 $1,860 $2,160 $2,680 $3,370
High Rent (110%) $1,716 $2,046 $2,376 $2,948 $3,707
2022 Bloomingdale, NJ 7403 Low Rent (90%) $1,242 $1,485 $1,746 $2,169 $2,709
Average Rent $1,380 $1,650 $1,940 $2,410 $3,010
High Rent(110%) $1,518 $1,815 $2,134 $2,651 $3,311
2021 Bloomingdale, NJ 7403 Low Rent (90%) $1,233 $1,476 $1,737 $2,160 $2,673
Average Rent $1,370 $1,640 $1,930 $2,400 $2,970
High Rent (110%) $1,507 $1,804 $2,123 $2,640 $3,267
2020 Bloomingdale, NJ 7403 Low Rent (90%) $1,107 $1,323 $1,557 $1,944 $2,376
Average Rent $1,230 $1,470 $1,730 $2,160 $2,640
High Rent(110%) $1,353 $1,617 $1,903 $2,376 $2,904
2019 Bloomingdale, NJ 7403 Low Rent (90%) $1,152 $1,359 $1,602 $2,016 $2,448
Average Rent $1,280 $1,510 $1,780 $2,240 $2,720
High Rent (110%) $1,408 $1,661 $1,958 $2,464 $2,992


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