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

Montclair, NJ 7042'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 7042 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 $1,656 to a high of $2,024, with an average of $1,840.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,908, a maximum of $2,332, and an average of $2,120.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,304, peaking at a maximum of $2,816, and averaging at $2,560.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,916, a maximum of $3,564, and an average of $3,240.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,366 to a maximum of $4,114, with an average of $3,740.

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 Montclair, NJ 7042 Low Rent (90%) $1,656 $1,908 $2,304 $2,916 $3,366
Average Rent $1,840 $2,120 $2,560 $3,240 $3,740
High Rent(110%) $2,024 $2,332 $2,816 $3,564 $4,114
2023 Montclair, NJ 7042 Low Rent (90%) $1,395 $1,647 $1,980 $2,511 $2,952
Average Rent $1,550 $1,830 $2,200 $2,790 $3,280
High Rent (110%) $1,705 $2,013 $2,420 $3,069 $3,608
2022 Montclair, NJ 7042 Low Rent (90%) $1,260 $1,503 $1,809 $2,304 $2,745
Average Rent $1,400 $1,670 $2,010 $2,560 $3,050
High Rent(110%) $1,540 $1,837 $2,211 $2,816 $3,355
2021 Montclair, NJ 7042 Low Rent (90%) $1,377 $1,647 $1,998 $2,547 $3,042
Average Rent $1,530 $1,830 $2,220 $2,830 $3,380
High Rent (110%) $1,683 $2,013 $2,442 $3,113 $3,718
2020 Montclair, NJ 7042 Low Rent (90%) $1,251 $1,467 $1,791 $2,286 $2,700
Average Rent $1,390 $1,630 $1,990 $2,540 $3,000
High Rent(110%) $1,529 $1,793 $2,189 $2,794 $3,300
2019 Montclair, NJ 7042 Low Rent (90%) $1,251 $1,422 $1,737 $2,214 $2,592
Average Rent $1,390 $1,580 $1,930 $2,460 $2,880
High Rent (110%) $1,529 $1,738 $2,123 $2,706 $3,168


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