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 07940 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 $1,719 to a high of $2,101, with an average of $1,910.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,989, a maximum of $2,431, and an average of $2,210.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,394, peaking at a maximum of $2,926, and averaging at $2,660.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,024, a maximum of $3,696, and an average of $3,360.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,501 to a maximum of $4,279, with an average of $3,890.
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.
| Year | City, State, Zipcode | HUD Fair Market Rent | Bedrooms | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom | 4 Bedroom | ||||||
| 2024 | Madison, NJ 7940 | Low Rent (90%) | $1,719 | $1,989 | $2,394 | $3,024 | $3,501 | |||
| Average Rent | $1,910 | $2,210 | $2,660 | $3,360 | $3,890 | |||||
| High Rent(110%) | $2,101 | $2,431 | $2,926 | $3,696 | $4,279 | |||||
| 2023 | Madison, NJ 7940 | Low Rent (90%) | $1,395 | $1,647 | $1,980 | $2,511 | $2,952 | |||
| Average Rent | $1,550 | $1,830 | $2,200 | $2,790 | $3,280 | |||||
| High Rent (110%) | $1,705 | $2,013 | $2,420 | $3,069 | $3,608 | |||||
| 2022 | Madison, NJ 7940 | Low Rent (90%) | $1,260 | $1,503 | $1,809 | $2,304 | $2,745 | |||
| Average Rent | $1,400 | $1,670 | $2,010 | $2,560 | $3,050 | |||||
| High Rent(110%) | $1,540 | $1,837 | $2,211 | $2,816 | $3,355 | |||||
| 2021 | Madison, NJ 7940 | Low Rent (90%) | $1,359 | $1,629 | $1,971 | $2,511 | $2,997 | |||
| Average Rent | $1,510 | $1,810 | $2,190 | $2,790 | $3,330 | |||||
| High Rent (110%) | $1,661 | $1,991 | $2,409 | $3,069 | $3,663 | |||||
| 2020 | Madison, NJ 7940 | Low Rent (90%) | $1,242 | $1,467 | $1,782 | $2,268 | $2,682 | |||
| Average Rent | $1,380 | $1,630 | $1,980 | $2,520 | $2,980 | |||||
| High Rent(110%) | $1,518 | $1,793 | $2,178 | $2,772 | $3,278 | |||||
| 2019 | Madison, NJ 7940 | Low Rent (90%) | $1,242 | $1,422 | $1,728 | $2,205 | $2,574 | |||
| Average Rent | $1,380 | $1,580 | $1,920 | $2,450 | $2,860 | |||||
| High Rent (110%) | $1,518 | $1,738 | $2,112 | $2,695 | $3,146 | |||||