Location: Middlesex-Somerset-Hunterdon, NJ | Metro: Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,290 |
| 1 Bedroom | $2,470 |
| 2 Bedrooms | $3,080 |
| 3 Bedrooms | $3,670 |
| 4 Bedrooms | $4,120 |
| 5 Bedrooms | $4,779 |
| 6 Bedrooms | $5,352 |
| 7 Bedrooms | $5,780 |
| 8 Bedrooms | $6,069 |
U.S. Census Bureau data (2024)
13.0% of residents in ZIP code 08821 are renters, indicating a modest demand for rental properties. $2720 is the Fair Market Rent (FMR) for the area as of fiscal year 2024, which sets the standard for what is considered a reasonable rental rate under the Section 8 program. N/A market rent data suggests that there may be limited recent information on average rental rates outside of the government's fair market assessment, making the FMR a critical benchmark for landlords. N/A median home value implies that there might be fewer homeowners in the area compared to renters, but without specific figures, it's challenging to draw a definitive conclusion. $155,833 represents the median household income in the region, providing insight into the financial capacity of potential tenants. N/A-day DOM (Days On Market) indicates that there isn't readily available data on how long properties typically stay on the market before being rented out, which could be due to a variety of factors including the local real estate market conditions. N/A% price-cut share suggests that landlords are not frequently having to reduce their asking prices to attract tenants, which can be seen as a positive sign for maintaining rental rates. Given the lack of detailed market rent data, the FMR of $2720 stands out as a reliable figure for setting rental prices that comply with Section 8 guidelines. The modest renter share of 13.0% and the absence of significant price-cutting activity suggest a stable, if not competitive, rental market. However, the median income of $155,833 provides a strong foundation for tenants to afford higher rents, potentially allowing landlords to charge closer to the FMR without difficulty. In conclusion, landlords in ZIP 08821 should align their rental rates with the $2720 FMR to remain competitive and compliant with Section 8 requirements.
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.