Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,880 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,420 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
The ZIP code 07451 in Unknown, NJ, presents a market in motion, driven by the Federal Market Rent (FMR) set at $2040 for the fiscal year 2024. This figure serves as a benchmark for rental prices within the area, indicating the government's assessment of the average fair market rent for a two-bedroom apartment. The absence of reported market rent suggests that either the data is incomplete or the local rental market closely aligns with the FMR, without significant premium or discount.
The lack of specific percentages for price-cut share and days on market (DOM) implies that the rental market in 07451 is stable, with neither an overwhelming surplus nor shortage of units. In such a scenario, landlords and small-portfolio investors can expect a balanced market where neither buyers nor renters have the upper hand, leading to steady occupancy rates and predictable cash flows.
A notable gap in the data is the median home value, which is currently unreported. However, the absence of a median home value does not necessarily indicate a weak market but rather reflects the challenges in collecting comprehensive real estate metrics. It could also imply a mixed housing stock with varying values, making it difficult to establish a clear median. This diversity in the housing market can be advantageous for investors looking to diversify their portfolios across different property types and price points.
The unknown percentage of renter share provides insight into the long-term housing pressures within the ZIP code. A high renter share typically signifies greater housing pressure due to limited homeownership opportunities, potentially higher turnover rates, and a more dynamic rental market. Conversely, a low renter share might suggest a more static market with fewer rental properties and less pressure on rental prices. Without a specific figure, it's challenging to quantify the exact level of pressure, but the trend towards renting can be inferred from the reliance on Section 8 vouchers and the established FMR.
In summary, ZIP 07451 operates under a stable yet dynamic framework, supported by a defined FMR and lacking indicators that would signal a highly competitive or oversupplied market. For landlords and small-portfolio investors, this ZIP code represents an opportunity to engage in a balanced rental market, where strategic pricing and property management can yield consistent returns.
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.