FMR is below market; voucher rent may lag private rents.
0.81
1 BR
1 BR- 07976
0.83ratio
FMR$2,110
Market$2,550
vs market-$440
FMR is below market; voucher rent may lag private rents.
0.83
2 BR
2 BR- 07976
0.74ratio
FMR$2,550
Market$3,450
vs market-$900
FMR is below market; voucher rent may lag private rents.
0.74
3 BR
3 BR- 07976
0.72ratio
FMR$3,180
Market$4,430
vs market-$1,250
FMR is below market; voucher rent may lag private rents.
0.72
4 BR
4 BR- 07976
0.64ratio
FMR$3,640
Market$5,680
vs market-$2,040
FMR is below market; voucher rent may lag private rents.
0.64
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
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New Vernon, NJ fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in New Vernon, NJ is $2,550 a month. That is down 1.2% from $2,580 in FY 2026. New Vernon 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 New Vernon is 14% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for New Vernon, NJ
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,890
$1,870
−1.1%
$1,683–$2,057
1BR
$2,130
$2,110
−0.9%
$1,899–$2,321
2BR
$2,580
$2,550
−1.2%
$2,295–$2,805
3BR
$3,230
$3,180
−1.5%
$2,862–$3,498
4BR
$3,670
$3,640
−0.8%
$3,276–$4,004
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for New Vernon, NJ
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,870
$2,110
$2,550
$3,180
$3,640
FY 2026
$1,890
$2,130
$2,580
$3,230
$3,670
FY 2025
$1,860
$2,120
$2,560
$3,220
$3,670
FY 2024
$1,390
$1,600
$1,930
$2,440
$2,820
FY 2023
$1,300
$1,540
$1,890
$2,400
$2,820
Questions about New Vernon, NJ rents
How much will Section 8 pay for a two-bedroom in New Vernon, 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 $2,550 it would be $2,295 to $2,805. 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 New Vernon, NJ in?
New Vernon, 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 New Vernon, NJ for FY 2027?
The two-bedroom FMR fell 1.2%, from $2,580 in FY 2026 to $2,550 in FY 2027. Since FY 2023 it has risen 34.9%.
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