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

Mahwah, NJ 7430'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 7430 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 Mahwah, NJ 7430 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 Mahwah, NJ 7430 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 Mahwah, NJ 7430 Low Rent (90%) $1,521 $1,818 $2,133 $2,655 $3,303
Average Rent $1,690 $2,020 $2,370 $2,950 $3,670
High Rent(110%) $1,859 $2,222 $2,607 $3,245 $4,037
2021 Mahwah, NJ 7430 Low Rent (90%) $1,521 $1,827 $2,151 $2,673 $3,312
Average Rent $1,690 $2,030 $2,390 $2,970 $3,680
High Rent (110%) $1,859 $2,233 $2,629 $3,267 $4,048
2020 Mahwah, NJ 7430 Low Rent (90%) $1,413 $1,692 $1,998 $2,493 $3,051
Average Rent $1,570 $1,880 $2,220 $2,770 $3,390
High Rent(110%) $1,727 $2,068 $2,442 $3,047 $3,729
2019 Mahwah, NJ 7430 Low Rent (90%) $1,494 $1,773 $2,079 $2,619 $3,177
Average Rent $1,660 $1,970 $2,310 $2,910 $3,530
High Rent (110%) $1,826 $2,167 $2,541 $3,201 $3,883


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