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

Newark, NJ 7102'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 7102 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 $1,080 to a high of $1,320, with an average of $1,200.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,242, a maximum of $1,518, and an average of $1,380.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,494, peaking at a maximum of $1,826, and averaging at $1,660.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,890, a maximum of $2,310, and an average of $2,100.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,187 to a maximum of $2,673, with an average of $2,430.

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 Newark, NJ 7102 Low Rent (90%) $1,080 $1,242 $1,494 $1,890 $2,187
Average Rent $1,200 $1,380 $1,660 $2,100 $2,430
High Rent(110%) $1,320 $1,518 $1,826 $2,310 $2,673
2023 Newark, NJ 7102 Low Rent (90%) $864 $1,026 $1,233 $1,566 $1,836
Average Rent $960 $1,140 $1,370 $1,740 $2,040
High Rent (110%) $1,056 $1,254 $1,507 $1,914 $2,244
2022 Newark, NJ 7102 Low Rent (90%) $918 $1,107 $1,332 $1,701 $2,025
Average Rent $1,020 $1,230 $1,480 $1,890 $2,250
High Rent(110%) $1,122 $1,353 $1,628 $2,079 $2,475
2021 Newark, NJ 7102 Low Rent (90%) $846 $1,008 $1,215 $1,548 $1,845
Average Rent $940 $1,120 $1,350 $1,720 $2,050
High Rent (110%) $1,034 $1,232 $1,485 $1,892 $2,255
2020 Newark, NJ 7102 Low Rent (90%) $846 $963 $1,179 $1,503 $1,755
Average Rent $940 $1,070 $1,310 $1,670 $1,950
High Rent(110%) $1,034 $1,177 $1,441 $1,837 $2,145
2019 Newark, NJ 7102 Low Rent (90%) $801 $909 $1,107 $1,413 $1,656
Average Rent $890 $1,010 $1,230 $1,570 $1,840
High Rent (110%) $979 $1,111 $1,353 $1,727 $2,024


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