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

Chatham, NJ 07928'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 07928 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 $1,827 to a high of $2,233, with an average of $2,030.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,106, a maximum of $2,574, and an average of $2,340.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,538, peaking at a maximum of $3,102, and averaging at $2,820.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,213, a maximum of $3,927, and an average of $3,570.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,708 to a maximum of $4,532, with an average of $4,120.

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 Chatham, NJ 7928 Low Rent (90%) $1,827 $2,106 $2,538 $3,213 $3,708
Average Rent $2,030 $2,340 $2,820 $3,570 $4,120
High Rent(110%) $2,233 $2,574 $3,102 $3,927 $4,532
2023 Chatham, NJ 7928 Low Rent (90%) $1,503 $1,782 $2,142 $2,718 $3,195
Average Rent $1,670 $1,980 $2,380 $3,020 $3,550
High Rent (110%) $1,837 $2,178 $2,618 $3,322 $3,905
2022 Chatham, NJ 7928 Low Rent (90%) $1,359 $1,629 $1,962 $2,502 $2,970
Average Rent $1,510 $1,810 $2,180 $2,780 $3,300
High Rent(110%) $1,661 $1,991 $2,398 $3,058 $3,630
2021 Chatham, NJ 7928 Low Rent (90%) $1,485 $1,782 $2,160 $2,754 $3,285
Average Rent $1,650 $1,980 $2,400 $3,060 $3,650
High Rent (110%) $1,815 $2,178 $2,640 $3,366 $4,015
2020 Chatham, NJ 7928 Low Rent (90%) $1,359 $1,602 $1,953 $2,493 $2,943
Average Rent $1,510 $1,780 $2,170 $2,770 $3,270
High Rent(110%) $1,661 $1,958 $2,387 $3,047 $3,597
2019 Chatham, NJ 7928 Low Rent (90%) $1,368 $1,557 $1,899 $2,421 $2,835
Average Rent $1,520 $1,730 $2,110 $2,690 $3,150
High Rent (110%) $1,672 $1,903 $2,321 $2,959 $3,465


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