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

Somerset, NJ 08873'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 08873 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 $1,530 to a high of $1,870, with an average of $1,700.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,710, a maximum of $2,090, and an average of $1,900.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,160, peaking at a maximum of $2,640, and averaging at $2,400.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,619, a maximum of $3,201, and an average of $2,910.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,880 to a maximum of $3,520, with an average of $3,200.

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 Somerset, NJ 8873 Low Rent (90%) $1,530 $1,710 $2,160 $2,619 $2,880
Average Rent $1,700 $1,900 $2,400 $2,910 $3,200
High Rent(110%) $1,870 $2,090 $2,640 $3,201 $3,520
2023 Somerset, NJ 8873 Low Rent (90%) $1,314 $1,494 $1,890 $2,304 $2,538
Average Rent $1,460 $1,660 $2,100 $2,560 $2,820
High Rent (110%) $1,606 $1,826 $2,310 $2,816 $3,102
2022 Somerset, NJ 8873 Low Rent (90%) $1,251 $1,431 $1,818 $2,250 $2,502
Average Rent $1,390 $1,590 $2,020 $2,500 $2,780
High Rent(110%) $1,529 $1,749 $2,222 $2,750 $3,058
2021 Somerset, NJ 8873 Low Rent (90%) $1,179 $1,341 $1,719 $2,142 $2,439
Average Rent $1,310 $1,490 $1,910 $2,380 $2,710
High Rent (110%) $1,441 $1,639 $2,101 $2,618 $2,981
2020 Somerset, NJ 8873 Low Rent (90%) $1,170 $1,359 $1,737 $2,187 $2,520
Average Rent $1,300 $1,510 $1,930 $2,430 $2,800
High Rent(110%) $1,430 $1,661 $2,123 $2,673 $3,080
2019 Somerset, NJ 8873 Low Rent (90%) $1,134 $1,350 $1,728 $2,187 $2,574
Average Rent $1,260 $1,500 $1,920 $2,430 $2,860
High Rent (110%) $1,386 $1,650 $2,112 $2,673 $3,146


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