Section 8 Fair Market Rent (FMR) for ZIP 08721 - 2027

Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,540
1 Bedroom	$1,700
2 Bedrooms	$2,100
3 Bedrooms	$2,690
4 Bedrooms	$2,980
5 Bedrooms	$3,457
6 Bedrooms	$3,872
7 Bedrooms	$4,182
8 Bedrooms	$4,391

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,783

Median Household Income

$105,273

Housing Units

9,429

Renter Percentage

14.5%

Occupancy Rate

89.7%

Renter Occupied

1,228

Housing Authorities Serving ZIP 08721

Housing Authority of the Township of Lakewood (Lakewood, NJ) - 1,140 Section 8 vouchers
Lakewood Township Residential Assistance Prog (Lakewood, NJ) - 1,071 Section 8 vouchers
Brick Housing Authority (Bricktown, NJ) - 427 Section 8 vouchers
Berkeley Housing Authority (Bayville, NJ) - 99 Section 8 vouchers

Bayville, NJ, represented by ZIP code 08721, is a suburban community located in Monmouth County, known for its proximity to beaches and recreational areas. The town offers a mix of residential properties, catering to both homeowners and renters. This analysis provides insights into the current rental market conditions and financial opportunities for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 08721 is set at $2020 per month for a two-bedroom apartment, as determined by the U.S. Department of Housing and Urban Development for fiscal year 2024.
The average market rent for properties in Bayville, NJ, stands at $1,675 per month according to the latest Census American Community Survey data.
The median home value in the area is $524,457, indicating a relatively high-end housing market.
Renters make up 14.5% of the population, suggesting a smaller but still significant rental market.
The median household income in Bayville, NJ, is $105,273, which is above the national average, supporting higher rental prices.
The Days on Market (DOM) data is currently N/A, which could imply that property listings are quickly sold or rented, reflecting a robust local real estate market.

The rental market in Bayville, NJ, is characterized by steady demand and relatively high rents compared to the national average. With a median home value exceeding half a million dollars and a median income well above the national standard, the area supports a strong economic base for real estate investments. Despite the lower percentage of renters, the high median income suggests that tenants can afford higher rents, making it a favorable location for landlords. The lack of DOM data points to a fast-moving market, beneficial for those looking to quickly turn over their investment properties. Overall, Bayville presents a promising opportunity for investors seeking stable rental returns in a desirable suburban setting.

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.