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

Port Elizabeth, NJ 08348'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 08348 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 $1,053 to a high of $1,287, with an average of $1,170.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,080, a maximum of $1,320, and an average of $1,200.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,377, peaking at a maximum of $1,683, and averaging at $1,530.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,818, a maximum of $2,222, and an average of $2,020.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,881 to a maximum of $2,299, with an average of $2,090.

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 Port Elizabeth, NJ 8348 Low Rent (90%) $1,053 $1,080 $1,377 $1,818 $1,881
Average Rent $1,170 $1,200 $1,530 $2,020 $2,090
High Rent(110%) $1,287 $1,320 $1,683 $2,222 $2,299
2023 Port Elizabeth, NJ 8348 Low Rent (90%) $990 $1,035 $1,332 $1,755 $1,881
Average Rent $1,100 $1,150 $1,480 $1,950 $2,090
High Rent (110%) $1,210 $1,265 $1,628 $2,145 $2,299
2022 Port Elizabeth, NJ 8348 Low Rent (90%) $891 $972 $1,260 $1,656 $1,854
Average Rent $990 $1,080 $1,400 $1,840 $2,060
High Rent(110%) $1,089 $1,188 $1,540 $2,024 $2,266
2021 Port Elizabeth, NJ 8348 Low Rent (90%) $846 $945 $1,233 $1,638 $1,899
Average Rent $940 $1,050 $1,370 $1,820 $2,110
High Rent (110%) $1,034 $1,155 $1,507 $2,002 $2,321
2020 Port Elizabeth, NJ 8348 Low Rent (90%) $774 $873 $1,143 $1,512 $1,800
Average Rent $860 $970 $1,270 $1,680 $2,000
High Rent(110%) $946 $1,067 $1,397 $1,848 $2,200
2019 Port Elizabeth, NJ 8348 Low Rent (90%) $756 $846 $1,107 $1,467 $1,746
Average Rent $840 $940 $1,230 $1,630 $1,940
High Rent (110%) $924 $1,034 $1,353 $1,793 $2,134


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