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

Hancocks Bridge, NJ 08038'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 08038 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 $990 to a high of $1,210, with an average of $1,100.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,107, a maximum of $1,353, and an average of $1,230.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,323, peaking at a maximum of $1,617, and averaging at $1,470.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,611, a maximum of $1,969, and an average of $1,790.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,845 to a maximum of $2,255, with an average of $2,050.

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 Hancocks Bridge, NJ 8038 Low Rent (90%) $990 $1,107 $1,323 $1,611 $1,845
Average Rent $1,100 $1,230 $1,470 $1,790 $2,050
High Rent(110%) $1,210 $1,353 $1,617 $1,969 $2,255
2023 Hancocks Bridge, NJ 8038 Low Rent (90%) $855 $963 $1,161 $1,422 $1,647
Average Rent $950 $1,070 $1,290 $1,580 $1,830
High Rent (110%) $1,045 $1,177 $1,419 $1,738 $2,013
2022 Hancocks Bridge, NJ 8038 Low Rent (90%) $774 $873 $1,062 $1,323 $1,512
Average Rent $860 $970 $1,180 $1,470 $1,680
High Rent(110%) $946 $1,067 $1,298 $1,617 $1,848
2021 Hancocks Bridge, NJ 8038 Low Rent (90%) $747 $864 $1,044 $1,305 $1,503
Average Rent $830 $960 $1,160 $1,450 $1,670
High Rent (110%) $913 $1,056 $1,276 $1,595 $1,837
2020 Hancocks Bridge, NJ 8038 Low Rent (90%) $711 $837 $1,017 $1,278 $1,458
Average Rent $790 $930 $1,130 $1,420 $1,620
High Rent(110%) $869 $1,023 $1,243 $1,562 $1,782
2019 Hancocks Bridge, NJ 8038 Low Rent (90%) $747 $882 $1,071 $1,341 $1,530
Average Rent $830 $980 $1,190 $1,490 $1,700
High Rent (110%) $913 $1,078 $1,309 $1,639 $1,870


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