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

Newfoundland, NJ 7435'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 7435 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 $1,377 to a high of $1,683, with an average of $1,530.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,602, a maximum of $1,958, and an average of $1,780.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,881, peaking at a maximum of $2,299, and averaging at $2,090.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,349, a maximum of $2,871, and an average of $2,610.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,844 to a maximum of $3,476, with an average of $3,160.

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 Newfoundland, NJ 7435 Low Rent (90%) $1,377 $1,602 $1,881 $2,349 $2,844
Average Rent $1,530 $1,780 $2,090 $2,610 $3,160
High Rent(110%) $1,683 $1,958 $2,299 $2,871 $3,476
2024 Newfoundland, NJ 7435 Low Rent (90%) $1,377 $1,602 $1,881 $2,349 $2,844
Average Rent $1,530 $1,780 $2,090 $2,610 $3,160
High Rent (110%) $1,683 $1,958 $2,299 $2,871 $3,476
2023 Newfoundland, NJ 7435 Low Rent (90%) $1,107 $1,314 $1,548 $1,944 $2,367
Average Rent $1,230 $1,460 $1,720 $2,160 $2,630
High Rent(110%) $1,353 $1,606 $1,892 $2,376 $2,893
2022 Newfoundland, NJ 7435 Low Rent (90%) $792 $954 $1,134 $1,422 $1,737
Average Rent $880 $1,060 $1,260 $1,580 $1,930
High Rent (110%) $968 $1,166 $1,386 $1,738 $2,123
2021 Newfoundland, NJ 7435 Low Rent (90%) $864 $1,044 $1,242 $1,566 $1,899
Average Rent $960 $1,160 $1,380 $1,740 $2,110
High Rent(110%) $1,056 $1,276 $1,518 $1,914 $2,321
2020 Newfoundland, NJ 7435 Low Rent (90%) $810 $963 $1,152 $1,458 $1,755
Average Rent $900 $1,070 $1,280 $1,620 $1,950
High Rent (110%) $990 $1,177 $1,408 $1,782 $2,145
2019 Newfoundland, NJ 7435 Low Rent (90%) $864 $999 $1,197 $1,512 $1,809
Average Rent $960 $1,110 $1,330 $1,680 $2,010
High Rent(110%) $1,056 $1,221 $1,463 $1,848 $2,211


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