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

Rio Grande, NJ 8242'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 8242 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 $954 to a high of $1,166, with an average of $1,060.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,026, a maximum of $1,254, and an average of $1,140.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,350, peaking at a maximum of $1,650, and averaging at $1,500.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,701, a maximum of $2,079, and an average of $1,890.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,800 to a maximum of $2,200, with an average of $2,000.

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 Rio Grande, NJ 8242 Low Rent (90%) $954 $1,026 $1,350 $1,701 $1,800
Average Rent $1,060 $1,140 $1,500 $1,890 $2,000
High Rent(110%) $1,166 $1,254 $1,650 $2,079 $2,200
2023 Rio Grande, NJ 8242 Low Rent (90%) $873 $981 $1,296 $1,611 $1,737
Average Rent $970 $1,090 $1,440 $1,790 $1,930
High Rent (110%) $1,067 $1,199 $1,584 $1,969 $2,123
2022 Rio Grande, NJ 8242 Low Rent (90%) $828 $945 $1,242 $1,539 $1,683
Average Rent $920 $1,050 $1,380 $1,710 $1,870
High Rent(110%) $1,012 $1,155 $1,518 $1,881 $2,057
2021 Rio Grande, NJ 8242 Low Rent (90%) $774 $927 $1,179 $1,530 $1,602
Average Rent $860 $1,030 $1,310 $1,700 $1,780
High Rent (110%) $946 $1,133 $1,441 $1,870 $1,958
2020 Rio Grande, NJ 8242 Low Rent (90%) $720 $900 $1,107 $1,476 $1,512
Average Rent $800 $1,000 $1,230 $1,640 $1,680
High Rent(110%) $880 $1,100 $1,353 $1,804 $1,848
2019 Rio Grande, NJ 8242 Low Rent (90%) $693 $900 $1,080 $1,467 $1,656
Average Rent $770 $1,000 $1,200 $1,630 $1,840
High Rent (110%) $847 $1,100 $1,320 $1,793 $2,024


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