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

Paterson, NJ 7502'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 7502 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 $1,116 to a high of $1,364, with an average of $1,240.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,305, a maximum of $1,595, and an average of $1,450.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,503, peaking at a maximum of $1,837, and averaging at $1,670.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,863, a maximum of $2,277, and an average of $2,070.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,340 to a maximum of $2,860, with an average of $2,600.

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 Paterson, NJ 7502 Low Rent (90%) $1,116 $1,305 $1,503 $1,863 $2,340
Average Rent $1,240 $1,450 $1,670 $2,070 $2,600
High Rent(110%) $1,364 $1,595 $1,837 $2,277 $2,860
2023 Paterson, NJ 7502 Low Rent (90%) $1,080 $1,287 $1,494 $1,854 $2,331
Average Rent $1,200 $1,430 $1,660 $2,060 $2,590
High Rent (110%) $1,320 $1,573 $1,826 $2,266 $2,849
2022 Paterson, NJ 7502 Low Rent (90%) $1,035 $1,233 $1,449 $1,800 $2,250
Average Rent $1,150 $1,370 $1,610 $2,000 $2,500
High Rent(110%) $1,265 $1,507 $1,771 $2,200 $2,750
2021 Paterson, NJ 7502 Low Rent (90%) $1,080 $1,296 $1,521 $1,890 $2,340
Average Rent $1,200 $1,440 $1,690 $2,100 $2,600
High Rent (110%) $1,320 $1,584 $1,859 $2,310 $2,860
2020 Paterson, NJ 7502 Low Rent (90%) $1,017 $1,215 $1,431 $1,782 $2,187
Average Rent $1,130 $1,350 $1,590 $1,980 $2,430
High Rent(110%) $1,243 $1,485 $1,749 $2,178 $2,673
2019 Paterson, NJ 7502 Low Rent (90%) $1,080 $1,278 $1,503 $1,899 $2,295
Average Rent $1,200 $1,420 $1,670 $2,110 $2,550
High Rent (110%) $1,320 $1,562 $1,837 $2,321 $2,805


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