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

Peapack, NJ 07977'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 07977 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 $1,476 to a high of $1,804, with an average of $1,640.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,656, a maximum of $2,024, and an average of $1,840.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,088, peaking at a maximum of $2,552, and averaging at $2,320.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,529, a maximum of $3,091, and an average of $2,810.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,781 to a maximum of $3,399, with an average of $3,090.

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 Peapack, NJ 7977 Low Rent (90%) $1,476 $1,656 $2,088 $2,529 $2,781
Average Rent $1,640 $1,840 $2,320 $2,810 $3,090
High Rent(110%) $1,804 $2,024 $2,552 $3,091 $3,399
2023 Peapack, NJ 7977 Low Rent (90%) $1,170 $1,323 $1,674 $2,034 $2,250
Average Rent $1,300 $1,470 $1,860 $2,260 $2,500
High Rent (110%) $1,430 $1,617 $2,046 $2,486 $2,750
2022 Peapack, NJ 7977 Low Rent (90%) $1,017 $1,161 $1,476 $1,827 $2,034
Average Rent $1,130 $1,290 $1,640 $2,030 $2,260
High Rent(110%) $1,243 $1,419 $1,804 $2,233 $2,486
2021 Peapack, NJ 7977 Low Rent (90%) $972 $1,125 $1,440 $1,809 $2,088
Average Rent $1,080 $1,250 $1,600 $2,010 $2,320
High Rent (110%) $1,188 $1,375 $1,760 $2,211 $2,552
2020 Peapack, NJ 7977 Low Rent (90%) $1,008 $1,188 $1,530 $1,935 $2,268
Average Rent $1,120 $1,320 $1,700 $2,150 $2,520
High Rent(110%) $1,232 $1,452 $1,870 $2,365 $2,772
2019 Peapack, NJ 7977 Low Rent (90%) $1,116 $1,314 $1,692 $2,142 $2,520
Average Rent $1,240 $1,460 $1,880 $2,380 $2,800
High Rent (110%) $1,364 $1,606 $2,068 $2,618 $3,080


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