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

Stanhope, NJ 07874'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 07874 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 $1,512 to a high of $1,848, with an average of $1,680.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,737, a maximum of $2,123, and an average of $1,930.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,097, peaking at a maximum of $2,563, and averaging at $2,330.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,655, a maximum of $3,245, and an average of $2,950.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,060 to a maximum of $3,740, with an average of $3,400.

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 Stanhope, NJ 7874 Low Rent (90%) $1,512 $1,737 $2,097 $2,655 $3,060
Average Rent $1,680 $1,930 $2,330 $2,950 $3,400
High Rent(110%) $1,848 $2,123 $2,563 $3,245 $3,740
2024 Stanhope, NJ 7874 Low Rent (90%) $1,512 $1,737 $2,097 $2,655 $3,060
Average Rent $1,680 $1,930 $2,330 $2,950 $3,400
High Rent (110%) $1,848 $2,123 $2,563 $3,245 $3,740
2023 Stanhope, NJ 7874 Low Rent (90%) $1,269 $1,503 $1,800 $2,286 $2,682
Average Rent $1,410 $1,670 $2,000 $2,540 $2,980
High Rent(110%) $1,551 $1,837 $2,200 $2,794 $3,278
2022 Stanhope, NJ 7874 Low Rent (90%) $1,188 $1,422 $1,719 $2,187 $2,610
Average Rent $1,320 $1,580 $1,910 $2,430 $2,900
High Rent (110%) $1,452 $1,738 $2,101 $2,673 $3,190
2021 Stanhope, NJ 7874 Low Rent (90%) $1,314 $1,575 $1,908 $2,430 $2,898
Average Rent $1,460 $1,750 $2,120 $2,700 $3,220
High Rent(110%) $1,606 $1,925 $2,332 $2,970 $3,542
2020 Stanhope, NJ 7874 Low Rent (90%) $1,224 $1,440 $1,755 $2,241 $2,646
Average Rent $1,360 $1,600 $1,950 $2,490 $2,940
High Rent (110%) $1,496 $1,760 $2,145 $2,739 $3,234
2019 Stanhope, NJ 7874 Low Rent (90%) $1,215 $1,386 $1,683 $2,151 $2,511
Average Rent $1,350 $1,540 $1,870 $2,390 $2,790
High Rent(110%) $1,485 $1,694 $2,057 $2,629 $3,069


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