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

Lafayette, NJ 7848'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 7848 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 $1,098 to a high of $1,342, with an average of $1,220.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,260, a maximum of $1,540, and an average of $1,400.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,521, peaking at a maximum of $1,859, and averaging at $1,690.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,926, a maximum of $2,354, and an average of $2,140.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,223 to a maximum of $2,717, with an average of $2,470.

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 Lafayette, NJ 7848 Low Rent (90%) $1,098 $1,260 $1,521 $1,926 $2,223
Average Rent $1,220 $1,400 $1,690 $2,140 $2,470
High Rent(110%) $1,342 $1,540 $1,859 $2,354 $2,717
2023 Lafayette, NJ 7848 Low Rent (90%) $900 $1,071 $1,287 $1,629 $1,917
Average Rent $1,000 $1,190 $1,430 $1,810 $2,130
High Rent (110%) $1,100 $1,309 $1,573 $1,991 $2,343
2022 Lafayette, NJ 7848 Low Rent (90%) $918 $1,107 $1,332 $1,701 $2,025
Average Rent $1,020 $1,230 $1,480 $1,890 $2,250
High Rent(110%) $1,122 $1,353 $1,628 $2,079 $2,475
2021 Lafayette, NJ 7848 Low Rent (90%) $981 $1,179 $1,431 $1,827 $2,178
Average Rent $1,090 $1,310 $1,590 $2,030 $2,420
High Rent (110%) $1,199 $1,441 $1,749 $2,233 $2,662
2020 Lafayette, NJ 7848 Low Rent (90%) $927 $1,089 $1,323 $1,683 $1,998
Average Rent $1,030 $1,210 $1,470 $1,870 $2,220
High Rent(110%) $1,133 $1,331 $1,617 $2,057 $2,442
2019 Lafayette, NJ 7848 Low Rent (90%) $990 $1,134 $1,377 $1,755 $2,052
Average Rent $1,100 $1,260 $1,530 $1,950 $2,280
High Rent (110%) $1,210 $1,386 $1,683 $2,145 $2,508


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