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

Fort Lee, NJ 7024'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 7024 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 $1,755 to a high of $2,145, with an average of $1,950.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,070, a maximum of $2,530, and an average of $2,300.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,376, peaking at a maximum of $2,904, and averaging at $2,640.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,943, a maximum of $3,597, and an average of $3,270.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,699 to a maximum of $4,521, with an average of $4,110.

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 Fort Lee, NJ 7024 Low Rent (90%) $1,755 $2,070 $2,376 $2,943 $3,699
Average Rent $1,950 $2,300 $2,640 $3,270 $4,110
High Rent(110%) $2,145 $2,530 $2,904 $3,597 $4,521
2023 Fort Lee, NJ 7024 Low Rent (90%) $1,665 $1,989 $2,304 $2,862 $3,591
Average Rent $1,850 $2,210 $2,560 $3,180 $3,990
High Rent (110%) $2,035 $2,431 $2,816 $3,498 $4,389
2022 Fort Lee, NJ 7024 Low Rent (90%) $1,503 $1,800 $2,115 $2,628 $3,276
Average Rent $1,670 $2,000 $2,350 $2,920 $3,640
High Rent(110%) $1,837 $2,200 $2,585 $3,212 $4,004
2021 Fort Lee, NJ 7024 Low Rent (90%) $1,476 $1,773 $2,088 $2,601 $3,213
Average Rent $1,640 $1,970 $2,320 $2,890 $3,570
High Rent (110%) $1,804 $2,167 $2,552 $3,179 $3,927
2020 Fort Lee, NJ 7024 Low Rent (90%) $1,350 $1,611 $1,899 $2,367 $2,907
Average Rent $1,500 $1,790 $2,110 $2,630 $3,230
High Rent(110%) $1,650 $1,969 $2,321 $2,893 $3,553
2019 Fort Lee, NJ 7024 Low Rent (90%) $1,314 $1,557 $1,827 $2,304 $2,790
Average Rent $1,460 $1,730 $2,030 $2,560 $3,100
High Rent (110%) $1,606 $1,903 $2,233 $2,816 $3,410


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