Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
The market dynamics in ZIP code 07839, located in New Jersey, reveal a rental landscape that is currently in flux. The Fair Market Rent (FMR) for the area is set at $1910 for fiscal year 2024, indicating a benchmark that landlords should be aware of when setting their rental prices. However, the lack of data on market rent, days on market (DOM), and median home value suggests that there is limited transparency in the local housing market, which can often signal a volatile environment.
The absence of a percentage figure for price-cut share and days on market (DOM) implies that there might be an imbalance between supply and demand. Typically, if there were a significant surplus of rental properties, we would expect to see higher rates of price cuts and longer DOM periods. Conversely, if demand were outpacing supply, we would likely observe shorter DOM periods and fewer instances of landlords needing to reduce their asking prices to attract tenants. Given the incomplete data, it's challenging to draw definitive conclusions about the current supply-demand relationship, but the lack of these metrics hints at a potentially tight market where landlords maintain pricing power.
The unknown percentage of renter share is another critical piece of missing information. In many markets, a high percentage of renters indicates long-term housing pressure, as more individuals and families are unable to purchase homes and are thus reliant on rentals. This scenario typically supports robust rental markets and can lead to sustained demand for rental properties. While the exact figure is not available, the implication of a significant renter population could mean that ZIP 07839 experiences consistent rental activity, which is favorable for landlords and small-portfolio investors looking to capitalize on steady income streams.
In summary, ZIP 07839 presents itself as a market in motion, characterized by a defined FMR but lacking key indicators that would provide deeper insights into supply-demand dynamics and overall market health. Landlords should remain vigilant, leveraging the known FMR while being prepared for a market that may have hidden pressures and opportunities due to the scarcity of comprehensive data.
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.