Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The ZIP code 08072, located in New Jersey, presents an interesting opportunity for landlords and small-portfolio investors looking into their first Section 8 rental property. The Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1470. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is based on the Housing Choice Voucher Program. It's important to note that this is not the actual rent you will receive; rather, it's the payment standard used to determine the rent subsidy.
To put this into perspective, let's consider the local rental market. While specific local rent figures are not available, we can infer from the 22.8% renter share that there is a substantial demand for rental properties in the area. This percentage indicates that nearly a quarter of the population is renting, suggesting a healthy market for rental properties, including those participating in the Section 8 program.
Regarding acquisition costs, the data provided does not specify any particular figure. However, it's crucial to understand that the FMR of $1470 does not necessarily reflect the price you would pay to acquire a property. Instead, it sets the upper limit for rent that can be charged to tenants under the Section 8 program. Landlords should conduct thorough research on property values in ZIP 08072 to ensure they are making a sound investment decision.
Before committing to a Section 8 rental property in ZIP 08072, it is essential to verify that the property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). These standards are designed to ensure that the rental unit is safe, decent, and sanitary for tenants. Compliance with HQS is mandatory for participation in the Section 8 program, and failing to meet these standards can result in penalties or disqualification from the program.
In conclusion, the FMR of $1470 in ZIP 08072 provides a clear guideline for the maximum rent subsidy a landlord can expect under the Section 8 program. With a significant portion of the local population renting, there is strong demand for affordable housing options. Ensure your property complies with the HQS to avoid complications and to secure your place in the Section 8 program.
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.