FMR is below market; voucher rent may lag private rents.
0.71
1 BR
1 BR- 07920
1.17ratio
FMR$2,720
Market$2,330
vs market+$390
FMR is above market; underwrite to market rent.
1.17
2 BR
2 BR- 07920
1.09ratio
FMR$3,390
Market$3,110
vs market+$280
FMR is near market; voucher and private rents are aligned.
1.09
3 BR
3 BR- 07920
0.94ratio
FMR$4,040
Market$4,310
vs market-$270
FMR is near market; voucher and private rents are aligned.
0.94
4 BR
4 BR- 07920
0.80ratio
FMR$4,540
Market$5,710
vs market-$1,170
FMR is below market; voucher rent may lag private rents.
0.80
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Basking Ridge, NJ fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Basking Ridge, NJ is $3,390 a month. That is up 4.3% from $3,250 in FY 2026. Basking Ridge is in the Newark, NJ HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,233. The median county two-bedroom FMR in New Jersey is $2,233, so Basking Ridge is 52% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Basking Ridge, NJ
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,360
$2,520
+6.8%
$2,268–$2,772
1BR
$2,590
$2,720
+5.0%
$2,448–$2,992
2BR
$3,250
$3,390
+4.3%
$3,051–$3,729
3BR
$3,900
$4,040
+3.6%
$3,636–$4,444
4BR
$4,310
$4,540
+5.3%
$4,086–$4,994
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Basking Ridge, NJ
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,520
$2,720
$3,390
$4,040
$4,540
FY 2026
$2,360
$2,590
$3,250
$3,900
$4,310
FY 2025
$2,050
$2,300
$2,890
$3,490
$3,840
FY 2024
$2,150
$2,410
$3,040
$3,680
$4,050
FY 2023
$1,810
$2,050
$2,600
$3,160
$3,490
Questions about Basking Ridge, NJ rents
How much will Section 8 pay for a two-bedroom in Basking Ridge, NJ?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,233, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,010 to $2,456 a month; under the ZIP-level Small Area FMR of $3,390 it would be $3,051 to $3,729. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Basking Ridge, NJ in?
Basking Ridge, NJ is in the Newark, NJ HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,233.
How much did fair market rent change in Basking Ridge, NJ for FY 2027?
The two-bedroom FMR rose 4.3%, from $3,250 in FY 2026 to $3,390 in FY 2027. Since FY 2023 it has risen 30.4%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set