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

Essex Fells, NJ 7021'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 7021 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 $1,611 to a high of $1,969, with an average of $1,790.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,854, a maximum of $2,266, and an average of $2,060.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,241, peaking at a maximum of $2,739, and averaging at $2,490.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,835, a maximum of $3,465, and an average of $3,150.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,267 to a maximum of $3,993, with an average of $3,630.

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 Essex Fells, NJ 7021 Low Rent (90%) $1,611 $1,854 $2,241 $2,835 $3,267
Average Rent $1,790 $2,060 $2,490 $3,150 $3,630
High Rent(110%) $1,969 $2,266 $2,739 $3,465 $3,993
2023 Essex Fells, NJ 7021 Low Rent (90%) $1,305 $1,548 $1,854 $2,358 $2,772
Average Rent $1,450 $1,720 $2,060 $2,620 $3,080
High Rent (110%) $1,595 $1,892 $2,266 $2,882 $3,388
2022 Essex Fells, NJ 7021 Low Rent (90%) $1,377 $1,647 $1,998 $2,547 $3,033
Average Rent $1,530 $1,830 $2,220 $2,830 $3,370
High Rent(110%) $1,683 $2,013 $2,442 $3,113 $3,707
2021 Essex Fells, NJ 7021 Low Rent (90%) $1,521 $1,827 $2,214 $2,826 $3,366
Average Rent $1,690 $2,030 $2,460 $3,140 $3,740
High Rent (110%) $1,859 $2,233 $2,706 $3,454 $4,114
2020 Essex Fells, NJ 7021 Low Rent (90%) $1,395 $1,638 $1,998 $2,547 $3,015
Average Rent $1,550 $1,820 $2,220 $2,830 $3,350
High Rent(110%) $1,705 $2,002 $2,442 $3,113 $3,685
2019 Essex Fells, NJ 7021 Low Rent (90%) $1,404 $1,602 $1,953 $2,493 $2,916
Average Rent $1,560 $1,780 $2,170 $2,770 $3,240
High Rent (110%) $1,716 $1,958 $2,387 $3,047 $3,564


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