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

Morristown, NJ 07961'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 07961 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 $1,854 to a high of $2,266, with an average of $2,060.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,133, a maximum of $2,607, and an average of $2,370.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,574, peaking at a maximum of $3,146, and averaging at $2,860.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,249, a maximum of $3,971, and an average of $3,610.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,753 to a maximum of $4,587, with an average of $4,170.

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 Morristown, NJ 7961 Low Rent (90%) $1,854 $2,133 $2,574 $3,249 $3,753
Average Rent $2,060 $2,370 $2,860 $3,610 $4,170
High Rent(110%) $2,266 $2,607 $3,146 $3,971 $4,587
2023 Morristown, NJ 7961 Low Rent (90%) $1,206 $1,431 $1,719 $2,178 $2,565
Average Rent $1,340 $1,590 $1,910 $2,420 $2,850
High Rent (110%) $1,474 $1,749 $2,101 $2,662 $3,135
2022 Morristown, NJ 7961 Low Rent (90%) $1,080 $1,296 $1,557 $1,989 $2,367
Average Rent $1,200 $1,440 $1,730 $2,210 $2,630
High Rent(110%) $1,320 $1,584 $1,903 $2,431 $2,893
2021 Morristown, NJ 7961 Low Rent (90%) $1,188 $1,431 $1,728 $2,205 $2,628
Average Rent $1,320 $1,590 $1,920 $2,450 $2,920
High Rent (110%) $1,452 $1,749 $2,112 $2,695 $3,212
2020 Morristown, NJ 7961 Low Rent (90%) $1,080 $1,269 $1,548 $1,971 $2,331
Average Rent $1,200 $1,410 $1,720 $2,190 $2,590
High Rent(110%) $1,320 $1,551 $1,892 $2,409 $2,849
2019 Morristown, NJ 7961 Low Rent (90%) $1,089 $1,242 $1,512 $1,926 $2,259
Average Rent $1,210 $1,380 $1,680 $2,140 $2,510
High Rent (110%) $1,331 $1,518 $1,848 $2,354 $2,761


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