Section 8 Fair Market Rent (FMR) for ZIP 07428 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 07428 in New Jersey for fiscal year 2024 is set at $1910. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent you will receive. The Housing Authority adjusts payments to ensure they do not exceed this standard, which helps keep housing affordable for low-income tenants.

While the local median rent is listed as N/A, the percentage of renters in the area who could qualify for Section 8 assistance is also N/A%. This means that there is a significant demand for affordable housing, but without specific numbers, it's challenging to quantify exactly how many potential tenants might be interested in your property. To gauge demand accurately, you should verify the number of active Section 8 vouchers in circulation within ZIP 07428.

The acquisition cost for properties in this ZIP code is listed as N/A. However, it's important to note that the acquisition cost is just one factor in determining whether a Section 8 rental is profitable. You must also consider maintenance costs, vacancy rates, and the management fees associated with the program.

To ensure the success of your first Section 8 rental in ZIP 07428, you must confirm that your property meets all the necessary requirements for participation in the program. This includes passing a Housing Quality Standards (HQS) inspection, which verifies that the property is safe, decent, and sanitary. Before signing any contracts, make sure your property complies with these standards to avoid delays and additional expenses.

Data Sources: FMR data from HUD (2027).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.