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

Cherry Hill, NJ 8002'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 8002 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 $1,476 to a high of $1,804, with an average of $1,640.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,647, a maximum of $2,013, and an average of $1,830.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,971, peaking at a maximum of $2,409, and averaging at $2,190.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,385, a maximum of $2,915, and an average of $2,650.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,745 to a maximum of $3,355, with an average of $3,050.

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 Cherry Hill, NJ 8002 Low Rent (90%) $1,476 $1,647 $1,971 $2,385 $2,745
Average Rent $1,640 $1,830 $2,190 $2,650 $3,050
High Rent(110%) $1,804 $2,013 $2,409 $2,915 $3,355
2023 Cherry Hill, NJ 8002 Low Rent (90%) $1,206 $1,359 $1,638 $1,998 $2,313
Average Rent $1,340 $1,510 $1,820 $2,220 $2,570
High Rent (110%) $1,474 $1,661 $2,002 $2,442 $2,827
2022 Cherry Hill, NJ 8002 Low Rent (90%) $1,044 $1,188 $1,440 $1,782 $2,034
Average Rent $1,160 $1,320 $1,600 $1,980 $2,260
High Rent(110%) $1,276 $1,452 $1,760 $2,178 $2,486
2021 Cherry Hill, NJ 8002 Low Rent (90%) $1,008 $1,170 $1,413 $1,755 $2,016
Average Rent $1,120 $1,300 $1,570 $1,950 $2,240
High Rent (110%) $1,232 $1,430 $1,727 $2,145 $2,464
2020 Cherry Hill, NJ 8002 Low Rent (90%) $981 $1,143 $1,386 $1,728 $1,980
Average Rent $1,090 $1,270 $1,540 $1,920 $2,200
High Rent(110%) $1,199 $1,397 $1,694 $2,112 $2,420
2019 Cherry Hill, NJ 8002 Low Rent (90%) $954 $1,125 $1,359 $1,701 $1,944
Average Rent $1,060 $1,250 $1,510 $1,890 $2,160
High Rent (110%) $1,166 $1,375 $1,661 $2,079 $2,376


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