Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,810 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
The investment risk assessment for ZIP 07507 in Unknown, NJ, reveals several potential issues that could impact Section 8 landlords. Tenant turnover poses a significant challenge, especially when comparing the non-disclosed market rent rates to the $1740 Fair Market Rent (FMR) for fiscal year 2024. This discrepancy can lead to difficulties in attracting tenants who qualify for the program. Additionally, vacancy exposure is a concern due to the non-disclosed days on market (DOM), which indicates uncertainty around how quickly properties can be filled. Deferred maintenance is another risk factor, as the non-disclosed typical home value and median income suggest that residents might struggle to afford necessary repairs, potentially leading to higher maintenance costs for landlords.
However, these risks must be weighed against the high concentration of renters in the area. The non-disclosed percentage of the renter share implies a dense population of potential tenants, which typically translates into a higher demand for housing vouchers. This demand can stabilize occupancy rates and provide a steady stream of qualified applicants, mitigating some of the aforementioned risks.
In conclusion, based on the available data, the investment risk for a first-time Section 8 landlord in ZIP 07507 is moderate.
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.