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

Demarest, NJ 7627'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 7627 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 $1,854 to a high of $2,266, with an average of $2,060.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,187, a maximum of $2,673, and an average of $2,430.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,511, peaking at a maximum of $3,069, and averaging at $2,790.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,114, a maximum of $3,806, and an average of $3,460.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,915 to a maximum of $4,785, with an average of $4,350.

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 Demarest, NJ 7627 Low Rent (90%) $1,854 $2,187 $2,511 $3,114 $3,915
Average Rent $2,060 $2,430 $2,790 $3,460 $4,350
High Rent(110%) $2,266 $2,673 $3,069 $3,806 $4,785
2023 Demarest, NJ 7627 Low Rent (90%) $1,782 $2,133 $2,475 $3,069 $3,861
Average Rent $1,980 $2,370 $2,750 $3,410 $4,290
High Rent (110%) $2,178 $2,607 $3,025 $3,751 $4,719
2022 Demarest, NJ 7627 Low Rent (90%) $1,665 $1,998 $2,340 $2,907 $3,627
Average Rent $1,850 $2,220 $2,600 $3,230 $4,030
High Rent(110%) $2,035 $2,442 $2,860 $3,553 $4,433
2021 Demarest, NJ 7627 Low Rent (90%) $1,692 $2,025 $2,385 $2,970 $3,672
Average Rent $1,880 $2,250 $2,650 $3,300 $4,080
High Rent (110%) $2,068 $2,475 $2,915 $3,630 $4,488
2020 Demarest, NJ 7627 Low Rent (90%) $1,548 $1,854 $2,187 $2,727 $3,348
Average Rent $1,720 $2,060 $2,430 $3,030 $3,720
High Rent(110%) $1,892 $2,266 $2,673 $3,333 $4,092
2019 Demarest, NJ 7627 Low Rent (90%) $1,620 $1,926 $2,259 $2,853 $3,456
Average Rent $1,800 $2,140 $2,510 $3,170 $3,840
High Rent (110%) $1,980 $2,354 $2,761 $3,487 $4,224


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