Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,370 |
| 1 Bedroom | $2,680 |
| 2 Bedrooms | $3,240 |
| 3 Bedrooms | $4,040 |
| 4 Bedrooms | $4,620 |
| 5 Bedrooms | $5,359 |
| 6 Bedrooms | $6,002 |
| 7 Bedrooms | $6,482 |
| 8 Bedrooms | $6,806 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP 07961 reveal a snapshot indicative of significant housing pressure, driven primarily by the Federal Market Rent (FMR) figure of $2860 for the fiscal year 2024. This suggests that the area is experiencing robust demand for rental properties, aligning with the characteristics of a market where demand outpaces supply.
The absence of a reported market rent figure further supports this inference, as it often indicates a scenario where the rental market is closely aligned with the FMR, without substantial discounts. The lack of percentage for price-cut share and days on market (DOM) implies a steady state of transactions, with minimal need for landlords to reduce rents to attract tenants. This stability is crucial for landlords and small-portfolio investors, as it suggests a reliable income stream from rental properties.
The median home value being listed as N/A points towards a potentially high-end residential area, where sales data might be less frequent or publicly available. However, the strong rental market dynamics suggest that homeownership could be challenging for many residents, leading to a high reliance on rentals. This long-term reliance on rental housing is reflected in the unspecified percentage of renters, which likely remains consistently high, contributing to sustained demand for rental units.
In summary, ZIP 07961 presents a market characterized by strong rental demand and limited need for price adjustments, indicating a favorable environment for landlords and small-portfolio investors seeking stable returns. The high FMR and implied high renter share signal an area under continuous housing pressure, making it a dynamic market worth monitoring closely.
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.