FMR is below market; voucher rent may lag private rents.
0.67
1 BR
1 BR- 07054
0.88ratio
FMR$2,190
Market$2,490
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.88
2 BR
2 BR- 07054
0.90ratio
FMR$2,640
Market$2,930
vs market-$290
FMR is near market; voucher and private rents are aligned.
0.90
3 BR
3 BR- 07054
0.98ratio
FMR$3,290
Market$3,350
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.98
4 BR
4 BR- 07054
0.90ratio
FMR$3,770
Market$4,170
vs market-$400
FMR is near market; voucher and private rents are aligned.
0.90
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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Parsippany, NJ fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Parsippany, NJ is $2,640 a month. That is up 2.3% from $2,580 in FY 2026. Parsippany 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 Parsippany is 18% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Parsippany, NJ
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,890
$1,940
+2.6%
$1,746–$2,134
1BR
$2,130
$2,190
+2.8%
$1,971–$2,409
2BR
$2,580
$2,640
+2.3%
$2,376–$2,904
3BR
$3,230
$3,290
+1.9%
$2,961–$3,619
4BR
$3,670
$3,770
+2.7%
$3,393–$4,147
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Parsippany, NJ
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,940
$2,190
$2,640
$3,290
$3,770
FY 2026
$1,890
$2,130
$2,580
$3,230
$3,670
FY 2025
$1,740
$1,980
$2,400
$3,020
$3,440
FY 2024
$1,580
$1,830
$2,200
$2,780
$3,210
FY 2023
$1,300
$1,540
$1,850
$2,350
$2,760
Questions about Parsippany, NJ rents
How much will Section 8 pay for a two-bedroom in Parsippany, 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 $2,640 it would be $2,376 to $2,904. 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 Parsippany, NJ in?
Parsippany, 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 Parsippany, NJ for FY 2027?
The two-bedroom FMR rose 2.3%, from $2,580 in FY 2026 to $2,640 in FY 2027. Since FY 2023 it has risen 42.7%.
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