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

Highland Lakes, NJ 7422'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 7422 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 $1,404 to a high of $1,716, with an average of $1,560.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,620, a maximum of $1,980, and an average of $1,800.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,953, peaking at a maximum of $2,387, and averaging at $2,170.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,475, a maximum of $3,025, and an average of $2,750.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,853 to a maximum of $3,487, with an average of $3,170.

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 Highland Lakes, NJ 7422 Low Rent (90%) $1,404 $1,620 $1,953 $2,475 $2,853
Average Rent $1,560 $1,800 $2,170 $2,750 $3,170
High Rent(110%) $1,716 $1,980 $2,387 $3,025 $3,487
2023 Highland Lakes, NJ 7422 Low Rent (90%) $1,080 $1,278 $1,539 $1,953 $2,295
Average Rent $1,200 $1,420 $1,710 $2,170 $2,550
High Rent (110%) $1,320 $1,562 $1,881 $2,387 $2,805
2022 Highland Lakes, NJ 7422 Low Rent (90%) $1,116 $1,332 $1,620 $2,061 $2,457
Average Rent $1,240 $1,480 $1,800 $2,290 $2,730
High Rent(110%) $1,364 $1,628 $1,980 $2,519 $3,003
2021 Highland Lakes, NJ 7422 Low Rent (90%) $1,233 $1,476 $1,791 $2,286 $2,727
Average Rent $1,370 $1,640 $1,990 $2,540 $3,030
High Rent (110%) $1,507 $1,804 $2,189 $2,794 $3,333
2020 Highland Lakes, NJ 7422 Low Rent (90%) $1,053 $1,242 $1,494 $1,890 $2,259
Average Rent $1,170 $1,380 $1,660 $2,100 $2,510
High Rent(110%) $1,287 $1,518 $1,826 $2,310 $2,761
2019 Highland Lakes, NJ 7422 Low Rent (90%) $972 $1,107 $1,350 $1,719 $2,016
Average Rent $1,080 $1,230 $1,500 $1,910 $2,240
High Rent (110%) $1,188 $1,353 $1,650 $2,101 $2,464


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