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

Madison, NJ 07940'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 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.

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 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


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