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

Red Bank, NJ 07701'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 07701 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 $1,422 to a high of $1,738, with an average of $1,580.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,593, a maximum of $1,947, and an average of $1,770.
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 $2,682, a maximum of $3,278, and an average of $2,980.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,988 to a maximum of $3,652, with an average of $3,320.

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 Red Bank, NJ 7701 Low Rent (90%) $1,422 $1,593 $1,971 $2,682 $2,988
Average Rent $1,580 $1,770 $2,190 $2,980 $3,320
High Rent(110%) $1,738 $1,947 $2,409 $3,278 $3,652
2023 Red Bank, NJ 7701 Low Rent (90%) $1,161 $1,296 $1,620 $2,214 $2,466
Average Rent $1,290 $1,440 $1,800 $2,460 $2,740
High Rent (110%) $1,419 $1,584 $1,980 $2,706 $3,014
2022 Red Bank, NJ 7701 Low Rent (90%) $1,044 $1,179 $1,494 $2,052 $2,277
Average Rent $1,160 $1,310 $1,660 $2,280 $2,530
High Rent(110%) $1,276 $1,441 $1,826 $2,508 $2,783
2021 Red Bank, NJ 7701 Low Rent (90%) $1,053 $1,206 $1,539 $2,124 $2,349
Average Rent $1,170 $1,340 $1,710 $2,360 $2,610
High Rent (110%) $1,287 $1,474 $1,881 $2,596 $2,871
2020 Red Bank, NJ 7701 Low Rent (90%) $990 $1,161 $1,494 $2,052 $2,295
Average Rent $1,100 $1,290 $1,660 $2,280 $2,550
High Rent(110%) $1,210 $1,419 $1,826 $2,508 $2,805
2019 Red Bank, NJ 7701 Low Rent (90%) $855 $1,026 $1,332 $1,809 $2,061
Average Rent $950 $1,140 $1,480 $2,010 $2,290
High Rent (110%) $1,045 $1,254 $1,628 $2,211 $2,519


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