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

Cream Ridge, NJ 08514'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 08514 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 $1,260 to a high of $1,540, with an average of $1,400.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,404, a maximum of $1,716, and an average of $1,560.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,737, peaking at a maximum of $2,123, and averaging at $1,930.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,358, a maximum of $2,882, and an average of $2,620.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,637 to a maximum of $3,223, with an average of $2,930.

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 Cream Ridge, NJ 8514 Low Rent (90%) $1,260 $1,404 $1,737 $2,358 $2,637
Average Rent $1,400 $1,560 $1,930 $2,620 $2,930
High Rent(110%) $1,540 $1,716 $2,123 $2,882 $3,223
2023 Cream Ridge, NJ 8514 Low Rent (90%) $981 $1,098 $1,377 $1,881 $2,097
Average Rent $1,090 $1,220 $1,530 $2,090 $2,330
High Rent (110%) $1,199 $1,342 $1,683 $2,299 $2,563
2022 Cream Ridge, NJ 8514 Low Rent (90%) $873 $990 $1,251 $1,719 $1,908
Average Rent $970 $1,100 $1,390 $1,910 $2,120
High Rent(110%) $1,067 $1,210 $1,529 $2,101 $2,332
2021 Cream Ridge, NJ 8514 Low Rent (90%) $918 $1,053 $1,350 $1,863 $2,061
Average Rent $1,020 $1,170 $1,500 $2,070 $2,290
High Rent (110%) $1,122 $1,287 $1,650 $2,277 $2,519
2020 Cream Ridge, NJ 8514 Low Rent (90%) $936 $1,089 $1,404 $1,926 $2,160
Average Rent $1,040 $1,210 $1,560 $2,140 $2,400
High Rent(110%) $1,144 $1,331 $1,716 $2,354 $2,640
2019 Cream Ridge, NJ 8514 Low Rent (90%) $819 $972 $1,269 $1,728 $1,962
Average Rent $910 $1,080 $1,410 $1,920 $2,180
High Rent (110%) $1,001 $1,188 $1,551 $2,112 $2,398


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