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

Cranford, NJ 7016'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 7016 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 $1,593 to a high of $1,947, with an average of $1,770.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,836, a maximum of $2,244, and an average of $2,040.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,214, peaking at a maximum of $2,706, and averaging at $2,460.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,799, a maximum of $3,421, and an average of $3,110.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,231 to a maximum of $3,949, with an average of $3,590.

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 Cranford, NJ 7016 Low Rent (90%) $1,593 $1,836 $2,214 $2,799 $3,231
Average Rent $1,770 $2,040 $2,460 $3,110 $3,590
High Rent(110%) $1,947 $2,244 $2,706 $3,421 $3,949
2023 Cranford, NJ 7016 Low Rent (90%) $1,359 $1,611 $1,935 $2,457 $2,880
Average Rent $1,510 $1,790 $2,150 $2,730 $3,200
High Rent (110%) $1,661 $1,969 $2,365 $3,003 $3,520
2022 Cranford, NJ 7016 Low Rent (90%) $1,296 $1,557 $1,872 $2,385 $2,835
Average Rent $1,440 $1,730 $2,080 $2,650 $3,150
High Rent(110%) $1,584 $1,903 $2,288 $2,915 $3,465
2021 Cranford, NJ 7016 Low Rent (90%) $1,413 $1,692 $2,052 $2,619 $3,123
Average Rent $1,570 $1,880 $2,280 $2,910 $3,470
High Rent (110%) $1,727 $2,068 $2,508 $3,201 $3,817
2020 Cranford, NJ 7016 Low Rent (90%) $1,251 $1,476 $1,800 $2,295 $2,718
Average Rent $1,390 $1,640 $2,000 $2,550 $3,020
High Rent(110%) $1,529 $1,804 $2,200 $2,805 $3,322
2019 Cranford, NJ 7016 Low Rent (90%) $1,233 $1,404 $1,710 $2,187 $2,547
Average Rent $1,370 $1,560 $1,900 $2,430 $2,830
High Rent (110%) $1,507 $1,716 $2,090 $2,673 $3,113


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