Is New Jersey rental market good?

Question

Hi guys.

I’m ready to buy my second multi family house in New Jersey, and I was wondering if someone could recommend me a good town to invest around central Jersey. Thank you

Alexander Szikla · Answer

Depends where! Generally, NJ is quite dense so it does have high occupancy and high rental rates. But NJ is sort of like all 50 states of the US in one.

You have bougie, expensive markets. Lots of "ghettos". Dense working class neighborhoods. Spacious working class suburbs. Farms. Etc!

Shawn Mcenteer · Answer

@Randall Esquivel NJ can be very lucrative for buy and hold MFR.  High taxes and expensive properties but with that comes high rents and quality tenants.   If you implement the right strategy you can win big.  What town is your current MFR in?

Shiva Bhaskar · Answer

Was born in Jersey and used to live in NYC. Never invested there, but I know folks making money hand over fist in Essex County (Newark, Orange etc). This is BRRRR strategy and long term holds. Tenant issues can be tricky, but folks who figure it out are killing it.

Jennifer Petrillo · Answer

Expensive properties, high property taxes, negative migration...I don't know how some people make it work.

Rafael Quinonez · Answer

@Randall Esquivel mount holly , burlington township , might find a unicorn in moorestoown ,medford, mount laurel .... Theres delanco, Deptford , washington township , east greenwich .. those are the central jersey places I would recommend .. the unicorns are there but they are rare but will make you money ! More than happy to work with you - central jersey is my area :)

Matt M. · Answer

@Jennifer Petrillo

I grew up in Bethlehem Twp, Hunterdon. Great schools, but it’s much easier living 15 mins away over the bridge in Palmer Twp.

Stephen Kappre · Answer

@Randall Esquivel sure Jersey works and there really is a huge swing in prices from South to North Jersey. South jersey you can BRRRR a multi and depending on location pick them up for $100k or less, definitely duplexes sometimes 3-4 also. Or you can find multis with very expensive price tags, especially as you go north or along the shore. As mentioned always gotta consider taxes, sometimes flood areas, knowing whether you want A, B, C neighborhood, etc. Lots of variables but once if you know your price range, if you want to BRRRR or buy something already rented, etc. there’s a place in NJ that can make it happen.

Rafael Quinonez · Answer

@Randall Esquivel yes NJ is good... So long as you get a good deal ! As mentioned houses are expensive and taxes can potentially be high . A lot of people are looking in places that have multi families as the norm ( North Jersey ) .. but if you can get your hands on a multi family in central /south Jersey that would be great too because taxes are significantly lower and rent is just slightly ( to significantly) but  leaving a better cash flow . The houses in central south jersey are also significantly cheaper for equal amount of house !  Let me know if I can help any further .  I have resources in North Jersey and South Jersey to help you WIN :)

Randall Esquivel · Answer

@Brandon DeVega thank you for your advice! but I don’t have enough money for that, maybe is something to consider on the future. Thank you ￼

Shawn Mcenteer · Answer

@Randall Esquivel I had the same problem in 2015, then again I had that same problem in 2018...  I personally don't think that expensive is going away just make sure your plan allows for rent to cover your expenses.

Is New Jersey rental market good?

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