Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,680 |
| 4 Bedrooms | $2,960 |
| 5 Bedrooms | $3,434 |
| 6 Bedrooms | $3,846 |
| 7 Bedrooms | $4,154 |
| 8 Bedrooms | $4,362 |
U.S. Census Bureau data (2024)
The ZIP code 08735, located in Lavallette, NJ, presents a dynamic rental market. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1770, while the Census American Community Survey (ACS) reports a slightly higher market rent of $2,026. This indicates that the market rent exceeds the government's benchmark for fair rents, suggesting strong demand for rental properties.
A key indicator of market conditions is the price-cut share, which stands at just 0.2%. This low figure implies that landlords are rarely forced to lower their asking prices, a sign that demand is robust and likely keeping pace with or exceeding supply. The median home value in the area is $1,145,991, reflecting a high-value residential market where homeownership is concentrated among those with significant financial resources.
The 18.8% renter share highlights an important aspect of the housing dynamics in Lavallette. With nearly one-fifth of residents renting, there is ongoing pressure on the housing market to accommodate renters. This can lead to long-term demand for rental properties, especially as the population grows or changes. High renter shares often correlate with areas experiencing steady growth or where purchasing a home is beyond the reach of many potential buyers due to high costs.
In summary, ZIP 08735 exhibits characteristics of a market where demand is robust and possibly outpacing supply, particularly in the rental sector. The relatively high market rent compared to FMR, coupled with a low price-cut share, suggests that landlords and small-portfolio investors can expect favorable conditions for rental income. Additionally, the substantial median home value points to a high-end real estate market, further supporting the notion that Lavallette is an attractive location for investment.
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.