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|Home Owners Association
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The average rent for a 3 bedroom house in Jersey City, NJ is $1,780.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Jersey City, NJ Rental Market Overview
More Jobs and Fewer Vacancies Drive Jersey City Apartment Demand
In 2013 Jersey City and Northern New Jersey enjoyed one of the strongest job creation forecasts in the United States according to the recent Marcus and Millichap National Apartment Report. Almost 50,000 new jobs are anticipated between 2013 and 2014 in the Northern New Jersey region, expanding payrolls by an estimated 2.5%. While job growth in Jersey City is robust, the apartment construction forecast is relatively modest, with 1,400 Northern New Jersey units built in 2013 and only 1,250 units completed in 2012. Jersey City's new multifamily units are largely based along the banks of the Hudson River and oriented toward tenants who are willing to pay more for the convenience of living close to their Manhattan offices--without the expense of living in Manhattan.
Can You Optimize Your Margins During this Boom?
Marcus and Millichap forecasts a low 3.1% vacancy rate for the region, with asking rents up to $1,634 per month and substantial competition for apartments in secondary and tertiary submarkets, which adds up to above-average return potential for landlords and investors. Large developers with in-house property management staff anticipated this shift and optimized their investments for curbside appeal. Limited assets make it tough for small landlords to keep pace with real estate corporations, but one way to create opportunities is by hiring a property management company to assist you with highly specialized or time-consuming tasks like marketing, tenant application screening and contractor service research and hiring. Many property management companies staff real estate professionals who can help you determine the most cost-effective processes for managing your investments. Review our property management company profiles and then ask for your free instant quote today.