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

Closter, NJ 7624'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 7624 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 $1,836 to a high of $2,244, with an average of $2,040.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,160, a maximum of $2,640, and an average of $2,400.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,484, peaking at a maximum of $3,036, and averaging at $2,760.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,078, a maximum of $3,762, and an average of $3,420.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,870 to a maximum of $4,730, with an average of $4,300.

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 Closter, NJ 7624 Low Rent (90%) $1,836 $2,160 $2,484 $3,078 $3,870
Average Rent $2,040 $2,400 $2,760 $3,420 $4,300
High Rent(110%) $2,244 $2,640 $3,036 $3,762 $4,730
2023 Closter, NJ 7624 Low Rent (90%) $1,728 $2,061 $2,394 $2,970 $3,735
Average Rent $1,920 $2,290 $2,660 $3,300 $4,150
High Rent (110%) $2,112 $2,519 $2,926 $3,630 $4,565
2022 Closter, NJ 7624 Low Rent (90%) $1,665 $1,989 $2,331 $2,898 $3,609
Average Rent $1,850 $2,210 $2,590 $3,220 $4,010
High Rent(110%) $2,035 $2,431 $2,849 $3,542 $4,411
2021 Closter, NJ 7624 Low Rent (90%) $1,656 $1,980 $2,331 $2,898 $3,591
Average Rent $1,840 $2,200 $2,590 $3,220 $3,990
High Rent (110%) $2,024 $2,420 $2,849 $3,542 $4,389
2020 Closter, NJ 7624 Low Rent (90%) $1,512 $1,809 $2,133 $2,655 $3,258
Average Rent $1,680 $2,010 $2,370 $2,950 $3,620
High Rent(110%) $1,848 $2,211 $2,607 $3,245 $3,982
2019 Closter, NJ 7624 Low Rent (90%) $1,566 $1,863 $2,187 $2,754 $3,339
Average Rent $1,740 $2,070 $2,430 $3,060 $3,710
High Rent (110%) $1,914 $2,277 $2,673 $3,366 $4,081


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