Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
The analysis of ZIP code 07207 within the Newark, NJ HUD Metro FMR Area reveals critical insights for landlords and small-portfolio investors.
The rent math does not work favorably for landlords. The Fair Market Rent (FMR) for ZIP 07207 in fiscal year 2024 is set at $1920. However, the lack of available market rent data suggests that actual rental rates might be lower, thereby reducing potential income for property owners.
Acquisition affordability is questionable due to insufficient data. With no information on the median home value, days on market (DOM), or the percentage of homes requiring price cuts, it's challenging to assess whether purchasing properties in this area would be financially prudent. Landlords and investors need comprehensive data to make informed decisions about acquisitions.
Tenant demand is also unclear without specific population and renter share percentages. Without these figures, it's difficult to gauge the number of potential tenants and the competition they face from homeownership options.
In summary, ZIP 07207 presents a mixed picture for real estate investment. While the Fair Market Rent provides a benchmark, the absence of crucial market data—such as median home values, days on market, price-cut percentages, and tenant demographics—limits the ability to make a definitive assessment. Investors should seek additional local data before committing resources to this area.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.