What HUD offices serve New Providence, New Jersey?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near New Providence.
How many renters live in New Providence, New Jersey?
The City of New Providence has people living in households.
There are renters living in renter households in this City. Renters make up 18.23 percent of the population living in New Providence.
What is the rental market like in New Providence, New Jersey?
There are an estimated housing units in the New Providence area. Of these, units are rental homes, making up percent of the housing market. For every renter household in New Providence, New Jersey, there are 1.03 rental units.
What is the vacancy rate for rentals in New Providence?
The rental vacancy rate in New Providence is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in New Providence for each bedroom size?
Occupied Rental Units by Size in New Providence
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 10 | 539 | 416 | 139 | 10 |
Occupied Rental Units by Size in New Providence
A large number of apartments in New Providence have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in New Providence
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,379 to $2,800. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,379 |
| One BR | $1,590 |
| Two BR | $1,916 |
| Three BR | $2,424 |
| Four BR | $2,800 |
2024 Fair Market Rents in New Providence, New Jersey
How many units are rented at Fair Market Rent (FMR) in New Providence?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 8 | 80 percent |
| One BR | 111 | 21 percent |
| Two BR | 23 | 6 percent |
Rental Units Below FMR in New Providence, New Jersey
How many affordable rental units are in New Providence?
There are a variety of federal affordable housing programs serving households in New Providence, New Jersey including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in New Providence, New Jersey
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in New Providence, New Jersey
New Providence features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in New Providence, New Jersey
There are 22 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Providence.
Housing Choice Vouchers in New Providence, New Jersey
On average, Section 8 Housing Choice vouchers pay New Providence landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in New Providence.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Providence, New Jersey for a two-bedroom apartment is between $1,724 and $2,108.
Sourced from federal housing data and AffordableHousingOnline.com research.