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

Pennington, NJ 8534'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 8534 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 $1,629 to a high of $1,991, with an average of $1,810.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,863, a maximum of $2,277, and an average of $2,070.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,403, peaking at a maximum of $2,937, and averaging at $2,670.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,907, a maximum of $3,553, and an average of $3,230.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,204 to a maximum of $3,916, with an average of $3,560.

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 Pennington, NJ 8534 Low Rent (90%) $1,629 $1,863 $2,403 $2,907 $3,204
Average Rent $1,810 $2,070 $2,670 $3,230 $3,560
High Rent(110%) $1,991 $2,277 $2,937 $3,553 $3,916
2023 Pennington, NJ 8534 Low Rent (90%) $1,323 $1,512 $1,980 $2,412 $2,664
Average Rent $1,470 $1,680 $2,200 $2,680 $2,960
High Rent (110%) $1,617 $1,848 $2,420 $2,948 $3,256
2022 Pennington, NJ 8534 Low Rent (90%) $1,179 $1,350 $1,773 $2,196 $2,403
Average Rent $1,310 $1,500 $1,970 $2,440 $2,670
High Rent(110%) $1,441 $1,650 $2,167 $2,684 $2,937
2021 Pennington, NJ 8534 Low Rent (90%) $999 $1,152 $1,512 $1,881 $2,070
Average Rent $1,110 $1,280 $1,680 $2,090 $2,300
High Rent (110%) $1,221 $1,408 $1,848 $2,299 $2,530
2020 Pennington, NJ 8534 Low Rent (90%) $855 $1,017 $1,314 $1,638 $1,854
Average Rent $950 $1,130 $1,460 $1,820 $2,060
High Rent(110%) $1,045 $1,243 $1,606 $2,002 $2,266
2019 Pennington, NJ 8534 Low Rent (90%) $729 $873 $1,098 $1,413 $1,629
Average Rent $810 $970 $1,220 $1,570 $1,810
High Rent (110%) $891 $1,067 $1,342 $1,727 $1,991


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