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

South Bound Brook, NJ 08880'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 08880 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 $1,422 to a high of $1,738, with an average of $1,580.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,593, a maximum of $1,947, and an average of $1,770.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,007, peaking at a maximum of $2,453, and averaging at $2,230.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,430, a maximum of $2,970, and an average of $2,700.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,673 to a maximum of $3,267, with an average of $2,970.

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 South Bound Brook, NJ 8880 Low Rent (90%) $1,422 $1,593 $2,007 $2,430 $2,673
Average Rent $1,580 $1,770 $2,230 $2,700 $2,970
High Rent(110%) $1,738 $1,947 $2,453 $2,970 $3,267
2023 South Bound Brook, NJ 8880 Low Rent (90%) $1,170 $1,323 $1,674 $2,034 $2,250
Average Rent $1,300 $1,470 $1,860 $2,260 $2,500
High Rent (110%) $1,430 $1,617 $2,046 $2,486 $2,750
2022 South Bound Brook, NJ 8880 Low Rent (90%) $1,107 $1,260 $1,602 $1,980 $2,205
Average Rent $1,230 $1,400 $1,780 $2,200 $2,450
High Rent(110%) $1,353 $1,540 $1,958 $2,420 $2,695
2021 South Bound Brook, NJ 8880 Low Rent (90%) $1,035 $1,179 $1,512 $1,890 $2,151
Average Rent $1,150 $1,310 $1,680 $2,100 $2,390
High Rent (110%) $1,265 $1,441 $1,848 $2,310 $2,629
2020 South Bound Brook, NJ 8880 Low Rent (90%) $1,035 $1,197 $1,530 $1,926 $2,223
Average Rent $1,150 $1,330 $1,700 $2,140 $2,470
High Rent(110%) $1,265 $1,463 $1,870 $2,354 $2,717
2019 South Bound Brook, NJ 8880 Low Rent (90%) $999 $1,188 $1,521 $1,926 $2,268
Average Rent $1,110 $1,320 $1,690 $2,140 $2,520
High Rent (110%) $1,221 $1,452 $1,859 $2,354 $2,772


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