Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
The Fair Market Rent (FMR) for ZIP code 08404 in New Jersey for fiscal year 2024 is set at $1670. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the amount you will receive as rent; it's the payment standard used by the Housing Choice Voucher Program.
While the local median rent is listed as N/A, the FMR serves as a benchmark for rental rates in the area. If your property's market rent is higher than $1670, you may need to lower the rent to qualify for the program, or the tenant may need to pay the difference out-of-pocket. Conversely, if the market rent is lower, you should still aim to charge close to the FMR to maximize your income.
The N/A% of the population that are renters indicates the potential demand for rental properties in the area. A higher percentage generally suggests more demand for affordable housing options. However, since the exact percentage is not available, you'll need to research the local rental market to understand the demand better.
Regarding acquisition costs, the average home value in ZIP 08404 is listed as N/A. This means you should look into recent sales data to determine a reasonable purchase price for a property you're interested in acquiring. Understanding the local real estate trends will help you make an informed decision about whether the investment aligns with your financial goals.
Before proceeding with a Section 8 rental, ensure that your property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). These standards cover various aspects such as safety, habitability, and maintenance. Failure to meet these standards could result in your property being rejected from the program, even if you believe it to be in good condition.
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.