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

Franklin, NJ 7416'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 7416 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 $1,008 to a high of $1,232, with an average of $1,120.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,161, a maximum of $1,419, and an average of $1,290.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,395, peaking at a maximum of $1,705, and averaging at $1,550.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,764, a maximum of $2,156, and an average of $1,960.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,043 to a maximum of $2,497, with an average of $2,270.

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 Franklin, NJ 7416 Low Rent (90%) $1,008 $1,161 $1,395 $1,764 $2,043
Average Rent $1,120 $1,290 $1,550 $1,960 $2,270
High Rent(110%) $1,232 $1,419 $1,705 $2,156 $2,497
2023 Franklin, NJ 7416 Low Rent (90%) $882 $1,044 $1,251 $1,584 $1,863
Average Rent $980 $1,160 $1,390 $1,760 $2,070
High Rent (110%) $1,078 $1,276 $1,529 $1,936 $2,277
2022 Franklin, NJ 7416 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 Franklin, NJ 7416 Low Rent (90%) $972 $1,170 $1,413 $1,800 $2,151
Average Rent $1,080 $1,300 $1,570 $2,000 $2,390
High Rent (110%) $1,188 $1,430 $1,727 $2,200 $2,629
2020 Franklin, NJ 7416 Low Rent (90%) $900 $1,053 $1,287 $1,638 $1,944
Average Rent $1,000 $1,170 $1,430 $1,820 $2,160
High Rent(110%) $1,100 $1,287 $1,573 $2,002 $2,376
2019 Franklin, NJ 7416 Low Rent (90%) $918 $1,053 $1,278 $1,629 $1,908
Average Rent $1,020 $1,170 $1,420 $1,810 $2,120
High Rent (110%) $1,122 $1,287 $1,562 $1,991 $2,332


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