Developer · Jersey City, NJ · Member since 2015 · 43 posts · 48 votes
10y
I follow the market pretty closely as an investor. It's hard to say without knowing more details of the actual unit (layout, square feet, bathrooms, who pays utils, heating/cooling setup, broker fee if any, etc.). Most of the ground up, new construction in the Heights is the typical 3 story, 2-family building with 3beds/2bath in each of the 2 units on top of a ground floor garage. Those always have the same type of setup: hardwood floors, forced air, stainless steel appliances, etc. I've seen those types of units rent anywhere from $1800 (landlord prob doesn't know he can charge more) to $2500. Perhaps market is around $2000-2200 or so. Once you go above $2000, you don't see many listings at this range in the Heights yet since there are tons of old buildings up there with long time tenants. You can always shoot for the stars, create a nice detailed listing with plenty of pics and price it above $2500 and see what happens. The closer you are to Palisades Ave, the better it is. You may eventually find someone but could have a long time vacancy. It's also harder to find tenants in the winter. Most research shows that summer months are best for maximizing rent. I've experienced that first hand and don't let my leases expire outside of the warmer summer months. Hope that helps...good luck!