Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,060 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,810 |
| 3 Bedrooms | $3,600 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,270 | $530,849 | 0.43% | F |
| 2BR | $2,810 | $994,631 | 0.28% | F |
| 3BR | $3,600 | $1,429,455 | 0.25% | F |
| 4BR | $3,990 | $2,201,083 | 0.18% | F |
| 5BR | $4,628 | $3,677,276 | 0.13% | F |
U.S. Census Bureau data (2024)
The ZIP code 07760, encompassing Rumson, NJ, presents a dynamic rental market that is currently experiencing robust demand. The Fair Market Rent (FMR) for the area stands at $2380 for fiscal year 2024, indicating a benchmark set by HUD for affordability. However, the actual market rent is higher, at $2,610, as reported by the Census Bureau's American Community Survey (ACS). This suggests that the local rental market is strong, with rents exceeding the government's fair market assessment.
The low price-cut share of 0.1% further underscores the tightness of the market. In a scenario where demand is high relative to supply, landlords have little incentive to reduce their asking prices to attract tenants. This metric implies that properties in Rumson are likely to be rented at or close to their listed rates, without significant concessions.
With a median home value of $1,758,712, Rumson offers a glimpse into a high-end residential market. While the median home value is an indicator of property values, it also reflects the wealth of the community, which can influence rental dynamics. High property values often correlate with higher rental prices due to the overall cost of living and the financial capacity of residents.
The 12.6% renter share highlights an important aspect of the housing landscape in Rumson. A lower proportion of renters compared to homeowners suggests a stable, owner-occupied community. However, even a small percentage of renters can exert considerable pressure on the rental market if the number of available rental units is limited. This can create a situation where rental demand remains steady or grows, leading to upward pressure on rents.
The absence of specific data on days on market (DOM) for rentals makes it challenging to definitively state whether supply outpaces demand or vice versa. However, given the high market rent and low price-cut share, it is reasonable to infer that demand is likely keeping pace with or possibly exceeding supply, particularly for rental properties. This inference aligns with the observed trend of rents being above the FMR, suggesting a market where tenants are willing to pay premium prices for housing.
In summary, Rumson's rental market is characterized by strong demand, with rents significantly above the FMR and little need for price reductions. The relatively low renter share indicates a primarily owner-occupied community, but it also points to potential long-term housing pressure as the desire for rental units persists amidst high property values and a competitive market environment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.