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

Richwood, NJ 08074'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 08074 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 $1,161 to a high of $1,419, with an average of $1,290.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,296, a maximum of $1,584, and an average of $1,440.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,548, peaking at a maximum of $1,892, and averaging at $1,720.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,872, a maximum of $2,288, and an average of $2,080.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,160 to a maximum of $2,640, with an average of $2,400.

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 Richwood, NJ 8074 Low Rent (90%) $1,161 $1,296 $1,548 $1,872 $2,160
Average Rent $1,290 $1,440 $1,720 $2,080 $2,400
High Rent(110%) $1,419 $1,584 $1,892 $2,288 $2,640
2023 Richwood, NJ 8074 Low Rent (90%) $1,053 $1,188 $1,431 $1,746 $2,025
Average Rent $1,170 $1,320 $1,590 $1,940 $2,250
High Rent (110%) $1,287 $1,452 $1,749 $2,134 $2,475
2022 Richwood, NJ 8074 Low Rent (90%) $855 $972 $1,179 $1,458 $1,665
Average Rent $950 $1,080 $1,310 $1,620 $1,850
High Rent(110%) $1,045 $1,188 $1,441 $1,782 $2,035
2021 Richwood, NJ 8074 Low Rent (90%) $891 $1,035 $1,251 $1,557 $1,782
Average Rent $990 $1,150 $1,390 $1,730 $1,980
High Rent (110%) $1,089 $1,265 $1,529 $1,903 $2,178
2020 Richwood, NJ 8074 Low Rent (90%) $918 $1,071 $1,296 $1,611 $1,854
Average Rent $1,020 $1,190 $1,440 $1,790 $2,060
High Rent(110%) $1,122 $1,309 $1,584 $1,969 $2,266
2019 Richwood, NJ 8074 Low Rent (90%) $810 $954 $1,152 $1,440 $1,647
Average Rent $900 $1,060 $1,280 $1,600 $1,830
High Rent (110%) $990 $1,166 $1,408 $1,760 $2,013


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