Section 8 Fair Market Rent (FMR) for ZIP 07802 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 07802 in New Jersey for fiscal year 2024 is set at $2300. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the amount a tenant will pay; rather, it's the benchmark used by the housing authority to determine if your rental property qualifies for the program.

While the local median rent is listed as N/A, the FMR of $2300 provides a useful guideline for setting your rent. If you're considering adding a Section 8 rental to your portfolio, ensure your property's rent does not exceed this limit to remain eligible for the program.

The demand for affordable housing in ZIP 07802 is indicated by the N/A% of renters who rely on housing assistance. This percentage shows that there is a significant number of potential tenants who could benefit from your property being part of the Section 8 program. However, the exact acquisition cost for properties in this area is also listed as N/A, which suggests that you should conduct thorough market research to understand the typical costs involved in purchasing a rental property in this area.

Before finalizing your decision to enter the Section 8 market, it is crucial to verify that your property meets all the necessary quality standards set by the housing authority. These standards ensure that the rental unit is safe, habitable, and up to code, which is non-negotiable for participation in the program.

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.