Section 8 Fair Market Rent (FMR) for ZIP 07722 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 07722

• Monmouth County PHA (Freehold, NJ) - 1,899 Section 8 vouchers
• Long Branch Housing Authority (Long Branch, NJ) - 952 Section 8 vouchers
• Housing Authority of the Township of Middleto (Middletown, NJ) - 379 Section 8 vouchers
• Asbury Park Housing Authority (Asbury Park, NJ) - 360 Section 8 vouchers
• Neptune Housing Authority (Neptune, NJ) - 338 Section 8 vouchers
• Keansburg Housing Authority (Keansburg, NJ) - 333 Section 8 vouchers
• Housing Authority of the Borough of Red Bank (Red Bank, NJ) - 264 Section 8 vouchers
• Collaborative Support Programs of NJ (Freehold, NJ) - 153 Section 8 vouchers
• Community Enterprises Corporation (Freehold, NJ) - 140 Section 8 vouchers
• Freehold Housing Authority (Freehold, NJ)

Colts Neck Township, located in Monmouth County, New Jersey, is a desirable suburban area known for its affluent lifestyle, excellent schools, and proximity to both the Jersey Shore and major metropolitan areas. This township attracts a diverse mix of residents, including professionals who work in nearby cities, making it an attractive market for real estate investors looking to capitalize on rental opportunities.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 07722 for fiscal year 2024 is set at $2,780.
• The average market rent for properties in Colts Neck Township, according to Census ACS data, stands at $2,862.
• The median home value in the area is significantly high at $1,294,922, reflecting the overall wealth of the community.
• Renters make up only a small portion of the population, with a renter share of 6.2%. This indicates that the majority of homes are owner-occupied, suggesting a strong demand for rental properties among those who cannot afford to purchase.
• The median income in ZIP 07722 is $198,994, which is substantially above the national average, indicating that tenants have the financial capability to meet higher rental rates.
• The Days on Market (DOM) data is currently N/A, but given the high median income and limited rental stock, properties are likely to be rented quickly once listed.

Given the high median home values and median incomes in Colts Neck Township, the rental market is poised to offer strong returns for investors. Despite the relatively low renter share, the demand for rental properties remains robust due to the area's desirability and the influx of young professionals and families seeking to live in this affluent community. The slight difference between the FMR and the actual market rent suggests that there is room for slightly above-average pricing without deterring potential renters. Investors should focus on properties that cater to these demographics, ensuring they are well-maintained and competitively priced to attract tenants quickly.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

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.