Location: Cape May County, NJ | Metro: Cape May County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08212 is set at $1620 for fiscal year 2024. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) to determine the maximum amount that landlords can charge for a Section 8 rental unit. It's important to note that this is not the actual rent you will receive; it's the benchmark HUD uses to ensure that rents are reasonable.
In ZIP 08212, there is currently no publicly available information on the median rent for non-subsidized properties. However, given the 2.4% renter share of the area, we can infer that demand for affordable housing is relatively high. This percentage indicates that a significant portion of the population relies on rental assistance programs, such as Section 8, to secure housing.
The total acquisition cost for a Section 8 rental property in ZIP 08212 is $1,547,442. This amount reflects the average price of acquiring a property that could potentially be rented under the Section 8 program. Considering the high acquisition cost, landlords should carefully evaluate the potential long-term benefits of participating in the Section 8 program, including stable income and reduced vacancy rates.
Before committing to a Section 8 rental property, it is crucial to verify that the property meets all the required standards set by HUD. These standards cover various aspects such as safety, habitability, and cleanliness, ensuring that the living conditions are suitable for tenants. Non-compliance can lead to penalties and loss of subsidy payments, which would impact your financial returns negatively.
In summary, the FMR of $1620 for ZIP 08212 provides a clear guideline for setting rents under the Section 8 program. The high acquisition cost and the 2.4% renter share indicate strong demand for affordable housing in the area, making it a viable option for landlords and small-portfolio investors looking to enter the Section 8 market. Ensure your property meets HUD's quality standards to avoid any issues that could affect your participation in the 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.