Best places to buy rental properties in New Jersey

February 11, 2022
● Written by
Teddy

New Jersey

Investing in New Jersey

The Garden State is a great place to invest in rental properties. With one of the best education systems (#1, US News 2022) and healthcare systems (#4, US News 2022) in the US, many people flock to New Jersey for the perfect balance of suburban and urban living.

The Nophin team crunched the numbers and found the five best places to invest in New Jersey rental properties.

Statewide vacancy rates

NJ Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Newark, NJ

Newark is the third oldest city in the US and is nicknamed the "Brick City" for the affordable housing buildings in the city.

  • Population: 311,549
  • Median household income: $37,476
  • Median 1-bedroom monthly rent: $1,350
  • Median listing home price: $340,000

Jersey City, NJ

Jersey City faces Manhattan across the Hudson River. The city is home to Liberty State Park (where Statue of Liberty sits) and the Ellis Island Immigration Center.

  • Population: 292,449
  • Median household income: $76,444
  • Median 1-bedroom monthly rent: $3,470
  • Median listing home price: $599,900

Paterson, NJ

Paterson is home to one of the largest immigrant communities and previously known for its role for producing silk.

  • Population: 159,732
  • Median household income: $45,141
  • Median 1-bedroom monthly rent: $1,500
  • Median listing home price: $330,000

Elizabeth, NJ

Elizabeth is New Jersey' fourth largest city and, in 2008, was considered one of America's greenest cities (Popular Science Magazine).

  • Population: 137,298
  • Median household income: $50,647
  • Median 1-bedroom monthly rent: $1,825
  • Median listing home price: $399,000

Trenton, NJ

Located north of Philadelphia, Trenton is a diverse city with a rich history. The city is the capital of New Jersey and was also once the capital of United States.

  • Population: 90,871
  • Median household income: $37,002
  • Median 1-bedroom monthly rent: $1,075
  • Median listing home price: $169,900

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With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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