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

Summit, NJ 07901'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 07901 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 $1,728 to a high of $2,112, with an average of $1,920.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,998, a maximum of $2,442, and an average of $2,220.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,403, peaking at a maximum of $2,937, and averaging at $2,670.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,042, a maximum of $3,718, and an average of $3,380.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,510 to a maximum of $4,290, with an average of $3,900.

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 Summit, NJ 7901 Low Rent (90%) $1,728 $1,998 $2,403 $3,042 $3,510
Average Rent $1,920 $2,220 $2,670 $3,380 $3,900
High Rent(110%) $2,112 $2,442 $2,937 $3,718 $4,290
2023 Summit, NJ 7901 Low Rent (90%) $1,422 $1,683 $2,025 $2,574 $3,015
Average Rent $1,580 $1,870 $2,250 $2,860 $3,350
High Rent (110%) $1,738 $2,057 $2,475 $3,146 $3,685
2022 Summit, NJ 7901 Low Rent (90%) $1,287 $1,539 $1,854 $2,358 $2,808
Average Rent $1,430 $1,710 $2,060 $2,620 $3,120
High Rent(110%) $1,573 $1,881 $2,266 $2,882 $3,432
2021 Summit, NJ 7901 Low Rent (90%) $1,404 $1,692 $2,043 $2,610 $3,105
Average Rent $1,560 $1,880 $2,270 $2,900 $3,450
High Rent (110%) $1,716 $2,068 $2,497 $3,190 $3,795
2020 Summit, NJ 7901 Low Rent (90%) $1,233 $1,458 $1,773 $2,259 $2,673
Average Rent $1,370 $1,620 $1,970 $2,510 $2,970
High Rent(110%) $1,507 $1,782 $2,167 $2,761 $3,267
2019 Summit, NJ 7901 Low Rent (90%) $1,206 $1,377 $1,674 $2,133 $2,502
Average Rent $1,340 $1,530 $1,860 $2,370 $2,780
High Rent (110%) $1,474 $1,683 $2,046 $2,607 $3,058


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