FMR is below market; voucher rent may lag private rents.
0.69
1 BR
1 BR- 07417
1.17ratio
FMR$2,980
Market$2,540
vs market+$440
FMR is above market; underwrite to market rent.
1.17
2 BR
2 BR- 07417
1.01ratio
FMR$3,420
Market$3,390
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.01
3 BR
3 BR- 07417
0.93ratio
FMR$4,150
Market$4,460
vs market-$310
FMR is near market; voucher and private rents are aligned.
0.93
4 BR
4 BR- 07417
1.03ratio
FMR$5,240
Market$5,070
vs market+$170
FMR is near market; voucher and private rents are aligned.
1.03
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
--
Franklin Lakes, NJ fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Franklin Lakes, NJ is $3,420 a month. That is down 2.0% from $3,490 in FY 2026. Franklin Lakes is in the Bergen-Passaic, NJ HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in New Jersey is $2,233, so Franklin Lakes is 53% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Franklin Lakes, NJ
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,670
$2,660
−0.4%
$2,394–$2,926
1BR
$3,040
$2,980
−2.0%
$2,682–$3,278
2BR
$3,490
$3,420
−2.0%
$3,078–$3,762
3BR
$4,260
$4,150
−2.6%
$3,735–$4,565
4BR
$5,430
$5,240
−3.5%
$4,716–$5,764
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Franklin Lakes, NJ
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,660
$2,980
$3,420
$4,150
$5,240
FY 2026
$2,670
$3,040
$3,490
$4,260
$5,430
FY 2025
$2,340
$2,710
$3,110
$3,830
$4,840
FY 2024
$2,100
$2,470
$2,840
$3,520
$4,420
FY 2023
$1,980
$2,370
$2,750
$3,410
$4,290
Questions about Franklin Lakes, NJ rents
How much will Section 8 pay for a two-bedroom in Franklin Lakes, NJ?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,420, that basic range is $3,078 to $3,762 a month. 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 Franklin Lakes, NJ in?
Franklin Lakes, NJ is in the Bergen-Passaic, NJ HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Franklin Lakes, NJ for FY 2027?
The two-bedroom FMR fell 2.0%, from $3,490 in FY 2026 to $3,420 in FY 2027. Since FY 2023 it has risen 24.4%.
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