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

Riverside, NJ 8075'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 8075 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 $1,260 to a high of $1,540, with an average of $1,400.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,395, a maximum of $1,705, and an average of $1,550.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,674, peaking at a maximum of $2,046, and averaging at $1,860.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,025, a maximum of $2,475, and an average of $2,250.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,331 to a maximum of $2,849, with an average of $2,590.

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 Riverside, NJ 8075 Low Rent (90%) $1,260 $1,395 $1,674 $2,025 $2,331
Average Rent $1,400 $1,550 $1,860 $2,250 $2,590
High Rent(110%) $1,540 $1,705 $2,046 $2,475 $2,849
2023 Riverside, NJ 8075 Low Rent (90%) $1,044 $1,179 $1,422 $1,728 $2,007
Average Rent $1,160 $1,310 $1,580 $1,920 $2,230
High Rent (110%) $1,276 $1,441 $1,738 $2,112 $2,453
2022 Riverside, NJ 8075 Low Rent (90%) $909 $1,035 $1,251 $1,548 $1,773
Average Rent $1,010 $1,150 $1,390 $1,720 $1,970
High Rent(110%) $1,111 $1,265 $1,529 $1,892 $2,167
2021 Riverside, NJ 8075 Low Rent (90%) $882 $1,017 $1,233 $1,530 $1,755
Average Rent $980 $1,130 $1,370 $1,700 $1,950
High Rent (110%) $1,078 $1,243 $1,507 $1,870 $2,145
2020 Riverside, NJ 8075 Low Rent (90%) $846 $999 $1,206 $1,503 $1,728
Average Rent $940 $1,110 $1,340 $1,670 $1,920
High Rent(110%) $1,034 $1,221 $1,474 $1,837 $2,112
2019 Riverside, NJ 8075 Low Rent (90%) $828 $972 $1,179 $1,476 $1,683
Average Rent $920 $1,080 $1,310 $1,640 $1,870
High Rent (110%) $1,012 $1,188 $1,441 $1,804 $2,057


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