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

Vernon, NJ 7462'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 7462 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 $1,242 to a high of $1,518, with an average of $1,380.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,422, a maximum of $1,738, and an average of $1,580.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,719, peaking at a maximum of $2,101, and averaging at $1,910.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,178, a maximum of $2,662, and an average of $2,420.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,511 to a maximum of $3,069, with an average of $2,790.

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 Vernon, NJ 7462 Low Rent (90%) $1,242 $1,422 $1,719 $2,178 $2,511
Average Rent $1,380 $1,580 $1,910 $2,420 $2,790
High Rent(110%) $1,518 $1,738 $2,101 $2,662 $3,069
2023 Vernon, NJ 7462 Low Rent (90%) $1,008 $1,197 $1,440 $1,827 $2,151
Average Rent $1,120 $1,330 $1,600 $2,030 $2,390
High Rent (110%) $1,232 $1,463 $1,760 $2,233 $2,629
2022 Vernon, NJ 7462 Low Rent (90%) $936 $1,125 $1,359 $1,728 $2,061
Average Rent $1,040 $1,250 $1,510 $1,920 $2,290
High Rent(110%) $1,144 $1,375 $1,661 $2,112 $2,519
2021 Vernon, NJ 7462 Low Rent (90%) $1,035 $1,242 $1,503 $1,917 $2,286
Average Rent $1,150 $1,380 $1,670 $2,130 $2,540
High Rent (110%) $1,265 $1,518 $1,837 $2,343 $2,794
2020 Vernon, NJ 7462 Low Rent (90%) $963 $1,134 $1,377 $1,755 $2,079
Average Rent $1,070 $1,260 $1,530 $1,950 $2,310
High Rent(110%) $1,177 $1,386 $1,683 $2,145 $2,541
2019 Vernon, NJ 7462 Low Rent (90%) $981 $1,125 $1,368 $1,746 $2,043
Average Rent $1,090 $1,250 $1,520 $1,940 $2,270
High Rent (110%) $1,199 $1,375 $1,672 $2,134 $2,497


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