Rent by ZIP · Morris County
Rent in Madison, NJ 07940
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom here is $3,040 (0% vs FY2026). Renters in this ZIP code pay a median $2,251 a month, including utilities.
Rent by number of bedrooms
| Size | SAFMR FY2027 | FY2026 | Change | Typical voucher range | Census median rent |
|---|---|---|---|---|---|
| Studio | $2,230 | $2,220 | +0.5% | $2,007–2,453 | – |
| 1 bedroom | $2,520 | $2,510 | +0.4% | $2,268–2,772 | $1,813 ±$75 |
| 2 bedrooms | $3,040 | $3,040 | 0% | $2,736–3,344 | $2,595 ±$266 |
| 3 bedrooms | $3,790 | $3,810 | -0.5% | $3,411–4,169 | $2,404 ±$260 |
| 4 bedrooms | $4,340 | $4,320 | +0.5% | $3,906–4,774 | $3,500+ |
Small Area FMRs for the Newark, NJ HUD Metro FMR Area. Fair Market Rents include utilities. The voucher range is the typical 90–110% band; your housing authority sets the actual payment standard.
Area-wide FMR for Newark, NJ HUD Metro FMR Area, 2 bedrooms: $2,233.
What renters pay in 07940
How rents are spread
Share of renter households paying cash rent, by monthly gross rent (rent plus utilities).
Nearby ZIP codes
| ZIP | Place | 2-bedroom FMR | Census median, 2 bedrooms |
|---|---|---|---|
| 07936 | East Hanover | $3,350 | $3,172 |
| 07935 | Green Village | $3,300 | – |
| 07945 | Mendham | $2,980 | $3,500+ |
| 07934 | Gladstone | $2,750 | – |
| 07946 | Millington | $2,940 | – |
| 07933 | Gillette | $2,610 | – |
Fair Market Rents across Morris County, NJ · All NJ counties · What is Fair Market Rent?
Sources: HUD Small Area and county Fair Market Rents, FY2027 (effective October 1, 2026); U.S. Census Bureau, 2020–2024 ACS 5-year estimates. Census figures are survey estimates (±90% margin of error) and trail today's market. Place name from GeoNames. About the data.