Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,730 |
| 2 Bedrooms | $3,300 |
| 3 Bedrooms | $4,120 |
| 4 Bedrooms | $4,710 |
| 5 Bedrooms | $5,464 |
| 6 Bedrooms | $6,120 |
| 7 Bedrooms | $6,610 |
| 8 Bedrooms | $6,941 |
U.S. Census Bureau data (2024)
The classification of ZIP code 07935 hinges on the interplay between rental yield and market stability. The Fair Market Rent (FMR) for the area is set at $2,620 for fiscal year 2024, while the median market rent stands at $2,857. This suggests that the area offers a relatively good yield, with market rents slightly above the FMR.
However, the median home value in ZIP 07935 is quite high at $1,068,006, which could imply that the area is predominantly occupied by homeowners rather than renters. Indeed, only 16.6% of residents are identified as renters, which is a low figure indicative of a less stable rental market.
The absence of data on the number of days on market (DOM) for rentals does not provide insight into how quickly properties are leased, but the median household income of $106,979 suggests that those who do rent can likely afford higher rents, potentially stabilizing cash flows despite the low percentage of renters.
Given these figures, ZIP 07935 appears to be a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The high median home values and low percentage of renters indicate that the area is not prone to rapid turnover or flipping activities. Instead, the higher median rents compared to the FMR and strong household incomes point towards a market where landlords can expect consistent, albeit moderate, yields.
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.