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

Port Republic, NJ 8241'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 8241 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 $1,188 to a high of $1,452, with an average of $1,320.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,359, a maximum of $1,661, and an average of $1,510.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,692, peaking at a maximum of $2,068, and averaging at $1,880.
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 $2,619 to a maximum of $3,201, with an average of $2,910.

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 Port Republic, NJ 8241 Low Rent (90%) $1,188 $1,359 $1,692 $2,385 $2,619
Average Rent $1,320 $1,510 $1,880 $2,650 $2,910
High Rent(110%) $1,452 $1,661 $2,068 $2,915 $3,201
2023 Port Republic, NJ 8241 Low Rent (90%) $1,071 $1,251 $1,575 $2,232 $2,430
Average Rent $1,190 $1,390 $1,750 $2,480 $2,700
High Rent (110%) $1,309 $1,529 $1,925 $2,728 $2,970
2022 Port Republic, NJ 8241 Low Rent (90%) $918 $1,071 $1,359 $1,908 $2,106
Average Rent $1,020 $1,190 $1,510 $2,120 $2,340
High Rent(110%) $1,122 $1,309 $1,661 $2,332 $2,574
2021 Port Republic, NJ 8241 Low Rent (90%) $972 $1,143 $1,449 $1,980 $2,214
Average Rent $1,080 $1,270 $1,610 $2,200 $2,460
High Rent (110%) $1,188 $1,397 $1,771 $2,420 $2,706
2020 Port Republic, NJ 8241 Low Rent (90%) $936 $1,107 $1,404 $1,881 $2,133
Average Rent $1,040 $1,230 $1,560 $2,090 $2,370
High Rent(110%) $1,144 $1,353 $1,716 $2,299 $2,607
2019 Port Republic, NJ 8241 Low Rent (90%) $774 $900 $1,152 $1,512 $1,719
Average Rent $860 $1,000 $1,280 $1,680 $1,910
High Rent (110%) $946 $1,100 $1,408 $1,848 $2,101


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