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Multi-Family and Apartment Investing

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Thomas Visaggio
  • Clifton, NJ
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Section 8 Fair Market Value of Rent

Thomas Visaggio
  • Clifton, NJ
Posted May 19 2019, 23:27

I am looking to rent out an apartment in Newark, NJ to a section 8 tenant (my first time). Does anyone know exactly how the fair market rent value is determined? 

Is it done independently by an appraiser - or can I supply them comps directly to support the rent I am requesting?

Lastly - it is a 3 bedroom apartment (although 1 of the bedrooms is smaller and currently does not have a closet). Would this be seen as a 2 bedroom apartment which would lead to a fair market rent value being based off other 2 bedroom apartments in the area although it is being utilized as a 3 bedroom apt?

I look forward to hearing your thoughts!

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