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

Fort Monmouth, NJ 7703'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 7703 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 $1,620 to a high of $1,980, with an average of $1,800.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,818, a maximum of $2,222, and an average of $2,020.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,241, peaking at a maximum of $2,739, and averaging at $2,490.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $3,051, a maximum of $3,729, and an average of $3,390.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,402 to a maximum of $4,158, with an average of $3,780.

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 Fort Monmouth, NJ 7703 Low Rent (90%) $1,620 $1,818 $2,241 $3,051 $3,402
Average Rent $1,800 $2,020 $2,490 $3,390 $3,780
High Rent(110%) $1,980 $2,222 $2,739 $3,729 $4,158
2023 Fort Monmouth, NJ 7703 Low Rent (90%) $1,341 $1,494 $1,872 $2,556 $2,844
Average Rent $1,490 $1,660 $2,080 $2,840 $3,160
High Rent (110%) $1,639 $1,826 $2,288 $3,124 $3,476
2022 Fort Monmouth, NJ 7703 Low Rent (90%) $1,278 $1,440 $1,818 $2,502 $2,772
Average Rent $1,420 $1,600 $2,020 $2,780 $3,080
High Rent(110%) $1,562 $1,760 $2,222 $3,058 $3,388
2021 Fort Monmouth, NJ 7703 Low Rent (90%) $1,260 $1,440 $1,845 $2,547 $2,826
Average Rent $1,400 $1,600 $2,050 $2,830 $3,140
High Rent (110%) $1,540 $1,760 $2,255 $3,113 $3,454
2020 Fort Monmouth, NJ 7703 Low Rent (90%) $1,170 $1,359 $1,755 $2,412 $2,709
Average Rent $1,300 $1,510 $1,950 $2,680 $3,010
High Rent(110%) $1,430 $1,661 $2,145 $2,948 $3,311
2019 Fort Monmouth, NJ 7703 Low Rent (90%) $837 $999 $1,296 $1,764 $2,007
Average Rent $930 $1,110 $1,440 $1,960 $2,230
High Rent (110%) $1,023 $1,221 $1,584 $2,156 $2,453


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