Rental market in Ewing NJ

8 Replies

My husband and I are considering investing in rentals in Ewing NJ. I'm wondering if anyone has experience in this market that they would be able to share with us? The housing prices are low but rents seem high, however I'm assuming it is mostly students renting - are 'upkeep' & turnover costs higher because of this?

Thank you,

Katharine

Hi Katharine,

I have an interesting view as I grew up across the bridge, but had a girlfriend who went to TCNJ and lived in Ewing (this was a good 10 years ago). Not sure about the taxes, but they are probably high. I recall many houses being in pretty poor shape in that area, and close to some rough areas, although it might be better now.

You probably have high turnover costs and college students can be messy. Build in higher maintenance, CAPEX, and cleaning/property turnover costs to ensure you're capturing the numbers correctly.

Watch for foundation/basement issues as well as those can be costly.

Hello,

I live in Ewing Township but do not invest in Ewing Township because the taxes are extremely high which affects the bottom line. In certain parts of Ewing students are renting but you have more middle class residents from Trenton wanting to live in Ewing because the school system is better then Trenton. Also, many investors from New York are buying all of the foreclosures that hit the market since NY is so expensive now. They have recently bought 4 of them on my block alone and I see them at the local Sheriff sale every Wednesday in Trenton.

Taxes all over NJ is high so you really cannot avoid that issue.

Just a note in comparison to Trenton (since that was mentioned above) --- we do see much lower eviction rates than Trenton for sure.  If you want to talk to the local PMs for more detailed.... highly recommend coming to one of the local meetups in Princeton or Trenton.

Originally posted by @Katharine Corriveau :

My husband and I are considering investing in rentals in Ewing NJ. I'm wondering if anyone has experience in this market that they would be able to share with us? The housing prices are low but rents seem high, however I'm assuming it is mostly students renting - are 'upkeep' & turnover costs higher because of this?

Thank you,

Katharine

Katharine, 

Be ready for Red Tape in Ewing NJ.   Wow.   What a difficult city to work in.   Don't get me wrong, I have some great properties in Ewing...  But dealing with the Inspections etc can require some patience and persistence.   

Any time you purchase a house.   EVEN VACANT you need get a Transfer Inspection Performed by the Township.

There is a limited amount of time to make all the repairs from the inspection.  If too much time passes you need to pay for ANOTHER Transfer Inspection.

They will not come out for a Transfer Inspection if there are open permits.   Sometime distressed sellers can not close the permits.

Lastly, You need to renew your rental paperwork yearly, which is a 2 page application, which includes the tenant names.  Get re-inspected yearly.  And get a new CO (Certificate of Occupancy) Inspection with each tenant turnover.   So plan on extended vacancies not for lack of tenant, but the time it takes to get issued a New CO.  

Don't get me wrong.   Ewing is a good place for rentals.   Just be prepared for Red Tape.  

Good Luck, 

Stephen Chatto

Originally posted by @Stephen Chatto :
Originally posted by @Katharine Corriveau:

My husband and I are considering investing in rentals in Ewing NJ. I'm wondering if anyone has experience in this market that they would be able to share with us? The housing prices are low but rents seem high, however I'm assuming it is mostly students renting - are 'upkeep' & turnover costs higher because of this?

Thank you,

Katharine

Katharine, 

Be ready for Red Tape in Ewing NJ.   Wow.   What a difficult city to work in.   Don't get me wrong, I have some great properties in Ewing...  But dealing with the Inspections etc can require some patience and persistence.   

Any time you purchase a house.   EVEN VACANT you need get a Transfer Inspection Performed by the Township.

There is a limited amount of time to make all the repairs from the inspection.  If too much time passes you need to pay for ANOTHER Transfer Inspection.

They will not come out for a Transfer Inspection if there are open permits.   Sometime distressed sellers can not close the permits.

Lastly, You need to renew your rental paperwork yearly, which is a 2 page application, which includes the tenant names.  Get re-inspected yearly.  And get a new CO (Certificate of Occupancy) Inspection with each tenant turnover.   So plan on extended vacancies not for lack of tenant, but the time it takes to get issued a New CO.  

Don't get me wrong.   Ewing is a good place for rentals.   Just be prepared for Red Tape.  

Good Luck, 

Stephen Chatto

Hey Stephen, I have a question. We closed on a property in Ewing, had a transfer inspection and received a TCO for 90 days. It expires tomorrow, and we have not finished the repairs. They tell us at the township that we dont need to renew the TCO , as it's for closing purposes only. But from your reponse here it seems that we DO need to get another transfer inspection and TCO. I am so confused, hope you can clarify. They literally just yelled at us at the township, cause we asked twice.

Originally posted by @Alexandra Chaploutskiy :
Originally posted by @Stephen Chatto:
Originally posted by @Katharine Corriveau:

My husband and I are considering investing in rentals in Ewing NJ. I'm wondering if anyone has experience in this market that they would be able to share with us? The housing prices are low but rents seem high, however I'm assuming it is mostly students renting - are 'upkeep' & turnover costs higher because of this?

Thank you,

Katharine

Katharine, 

Be ready for Red Tape in Ewing NJ.   Wow.   What a difficult city to work in.   Don't get me wrong, I have some great properties in Ewing...  But dealing with the Inspections etc can require some patience and persistence.   

Any time you purchase a house.   EVEN VACANT you need get a Transfer Inspection Performed by the Township.

There is a limited amount of time to make all the repairs from the inspection.  If too much time passes you need to pay for ANOTHER Transfer Inspection.

They will not come out for a Transfer Inspection if there are open permits.   Sometime distressed sellers can not close the permits.

Lastly, You need to renew your rental paperwork yearly, which is a 2 page application, which includes the tenant names.  Get re-inspected yearly.  And get a new CO (Certificate of Occupancy) Inspection with each tenant turnover.   So plan on extended vacancies not for lack of tenant, but the time it takes to get issued a New CO.  

Don't get me wrong.   Ewing is a good place for rentals.   Just be prepared for Red Tape.  

Good Luck, 

Stephen Chatto

Hey Stephen, I have a question. We closed on a property in Ewing, had a transfer inspection and received a TCO for 90 days. It expires tomorrow, and we have not finished the repairs. They tell us at the township that we dont need to renew the TCO , as it's for closing purposes only. But from your reponse here it seems that we DO need to get another transfer inspection and TCO. I am so confused, hope you can clarify. They literally just yelled at us at the township, cause we asked twice.

Is anyone living there?

Originally posted by @Stephen Chatto :
Originally posted by @Alexandra Chaploutskiy:
Originally posted by @Stephen Chatto:
Originally posted by @Katharine Corriveau:

My husband and I are considering investing in rentals in Ewing NJ. I'm wondering if anyone has experience in this market that they would be able to share with us? The housing prices are low but rents seem high, however I'm assuming it is mostly students renting - are 'upkeep' & turnover costs higher because of this?

Thank you,

Katharine

Katharine, 

Be ready for Red Tape in Ewing NJ.   Wow.   What a difficult city to work in.   Don't get me wrong, I have some great properties in Ewing...  But dealing with the Inspections etc can require some patience and persistence.   

Any time you purchase a house.   EVEN VACANT you need get a Transfer Inspection Performed by the Township.

There is a limited amount of time to make all the repairs from the inspection.  If too much time passes you need to pay for ANOTHER Transfer Inspection.

They will not come out for a Transfer Inspection if there are open permits.   Sometime distressed sellers can not close the permits.

Lastly, You need to renew your rental paperwork yearly, which is a 2 page application, which includes the tenant names.  Get re-inspected yearly.  And get a new CO (Certificate of Occupancy) Inspection with each tenant turnover.   So plan on extended vacancies not for lack of tenant, but the time it takes to get issued a New CO.  

Don't get me wrong.   Ewing is a good place for rentals.   Just be prepared for Red Tape.  

Good Luck, 

Stephen Chatto

Hey Stephen, I have a question. We closed on a property in Ewing, had a transfer inspection and received a TCO for 90 days. It expires tomorrow, and we have not finished the repairs. They tell us at the township that we dont need to renew the TCO , as it's for closing purposes only. But from your reponse here it seems that we DO need to get another transfer inspection and TCO. I am so confused, hope you can clarify. They literally just yelled at us at the township, cause we asked twice.

Is anyone living there?

 Nope, it's vacant.