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

Ocean Gate, NJ 08740'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 08740 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 $1,404 to a high of $1,716, with an average of $1,560.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,566, a maximum of $1,914, and an average of $1,740.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,944, peaking at a maximum of $2,376, and averaging at $2,160.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,646, a maximum of $3,234, and an average of $2,940.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,943 to a maximum of $3,597, with an average of $3,270.

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 Ocean Gate, NJ 8740 Low Rent (90%) $1,404 $1,566 $1,944 $2,646 $2,943
Average Rent $1,560 $1,740 $2,160 $2,940 $3,270
High Rent(110%) $1,716 $1,914 $2,376 $3,234 $3,597
2023 Ocean Gate, NJ 8740 Low Rent (90%) $1,143 $1,278 $1,602 $2,196 $2,439
Average Rent $1,270 $1,420 $1,780 $2,440 $2,710
High Rent (110%) $1,397 $1,562 $1,958 $2,684 $2,981
2022 Ocean Gate, NJ 8740 Low Rent (90%) $1,125 $1,269 $1,611 $2,214 $2,457
Average Rent $1,250 $1,410 $1,790 $2,460 $2,730
High Rent(110%) $1,375 $1,551 $1,969 $2,706 $3,003
2021 Ocean Gate, NJ 8740 Low Rent (90%) $1,188 $1,368 $1,746 $2,403 $2,664
Average Rent $1,320 $1,520 $1,940 $2,670 $2,960
High Rent (110%) $1,452 $1,672 $2,134 $2,937 $3,256
2020 Ocean Gate, NJ 8740 Low Rent (90%) $1,188 $1,386 $1,791 $2,457 $2,754
Average Rent $1,320 $1,540 $1,990 $2,730 $3,060
High Rent(110%) $1,452 $1,694 $2,189 $3,003 $3,366
2019 Ocean Gate, NJ 8740 Low Rent (90%) $1,026 $1,224 $1,593 $2,169 $2,466
Average Rent $1,140 $1,360 $1,770 $2,410 $2,740
High Rent (110%) $1,254 $1,496 $1,947 $2,651 $3,014


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