Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,450 |
| 1 Bedroom | $2,770 |
| 2 Bedrooms | $3,340 |
| 3 Bedrooms | $4,170 |
| 4 Bedrooms | $4,770 |
| 5 Bedrooms | $5,533 |
| 6 Bedrooms | $6,197 |
| 7 Bedrooms | $6,693 |
| 8 Bedrooms | $7,028 |
U.S. Census Bureau data (2024)
The ZIP code 07926 presents a dynamic rental market that is indicative of ongoing housing pressures. With a Fair Market Rent (FMR) set at $2780 for the fiscal year 2024, it suggests that the rental prices are closely monitored and likely reflect a balance between affordability and market rates. The lack of specific data on market rent, price-cut share, days on market (DOM), and median home value implies either a stable market condition or an area where such metrics have not been widely reported or tracked.
The 22.0% renter share indicates a significant portion of the population in ZIP 07926 relies on rental housing. This high percentage can be interpreted as a sign of persistent long-term housing pressure, where a considerable number of residents may find it challenging to enter the homeownership market. It signals a robust demand for rental properties, which could lead to landlords maintaining higher rents or seeing less need to offer discounts to attract tenants.
In a market where supply is not clearly outpacing demand, landlords and small-portfolio investors must remain vigilant. They should focus on maintaining competitive rental prices and ensuring their properties meet the quality standards expected by renters. Given the reliance on rental housing, there is a continuous opportunity for rental investments, but also a necessity to adapt to any changes in local housing policies or economic conditions that could affect tenant availability and affordability.
The absence of certain metrics like price-cut share and DOM can be seen as a positive indicator for landlords, suggesting a relatively strong rental market without excessive competition. However, the lack of detailed information also means that investors must rely on other sources to gauge the exact dynamics of the market, including local real estate trends and direct feedback from property managers and tenants.
ZIP 07926's rental market is characterized by a steady demand for affordable housing, as reflected by the FMR. Landlords should take advantage of the high renter share to ensure steady occupancy rates, while also being mindful of the potential for increased scrutiny or regulation aimed at maintaining affordability in the face of growing demand.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.