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

Mount Freedom, NJ 7970'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 7970 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 $1,557 to a high of $1,903, with an average of $1,730.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,800, a maximum of $2,200, and an average of $2,000.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,169, peaking at a maximum of $2,651, and averaging at $2,410.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,745, a maximum of $3,355, and an average of $3,050.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,168 to a maximum of $3,872, with an average of $3,520.

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 Mount Freedom, NJ 7970 Low Rent (90%) $1,557 $1,800 $2,169 $2,745 $3,168
Average Rent $1,730 $2,000 $2,410 $3,050 $3,520
High Rent(110%) $1,903 $2,200 $2,651 $3,355 $3,872
2023 Mount Freedom, NJ 7970 Low Rent (90%) $1,269 $1,494 $1,800 $2,286 $2,682
Average Rent $1,410 $1,660 $2,000 $2,540 $2,980
High Rent (110%) $1,551 $1,826 $2,200 $2,794 $3,278
2022 Mount Freedom, NJ 7970 Low Rent (90%) $1,134 $1,359 $1,638 $2,079 $2,484
Average Rent $1,260 $1,510 $1,820 $2,310 $2,760
High Rent(110%) $1,386 $1,661 $2,002 $2,541 $3,036
2021 Mount Freedom, NJ 7970 Low Rent (90%) $1,233 $1,485 $1,800 $2,286 $2,727
Average Rent $1,370 $1,650 $2,000 $2,540 $3,030
High Rent (110%) $1,507 $1,815 $2,200 $2,794 $3,333
2020 Mount Freedom, NJ 7970 Low Rent (90%) $1,116 $1,314 $1,602 $2,034 $2,412
Average Rent $1,240 $1,460 $1,780 $2,260 $2,680
High Rent(110%) $1,364 $1,606 $1,958 $2,486 $2,948
2019 Mount Freedom, NJ 7970 Low Rent (90%) $1,089 $1,242 $1,512 $1,926 $2,259
Average Rent $1,210 $1,380 $1,680 $2,140 $2,510
High Rent (110%) $1,331 $1,518 $1,848 $2,354 $2,761


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