Jersey City, NJ: Chilltown
With an estimated 292,449 residents, Jersey City is the second-most populous city in New Jersey. It also acts as the seat of Hudson County. In addition to “Chilltown,” Jersey City is known as “Wall Street West.” The city earned this nickname due to the high concentration of banking and financial institutions as well as offices along the Hudson River waterfront.
Of course, that isn’t to say Jersey City is all business. Residents and visitors alike enjoy the city’s arts and entertainment scene, too. There are several museums in the area, including the Liberty Science Center and the Museum of Russian Art. The city also hosts a number of events throughout the year, such as the Jersey City Art & Studio Tour, the Your Move Modern Dance Festival, and the Golden Door Film Festival.
Jersey City is also home to colleges and universities like New Jersey City University, Saint Peter’s University, and Hudson County Community College. Other notable attractions and landmarks include the Statue of Liberty National Monument, the Colgate Clock, the White Eagle Hall, the Katyń Memorial, and Loew’s Jersey Theatre.
How Is Jersey City’s Rental Market?
Real estate in Jersey City is comparatively pricier. The median listing price for a home in this city is $466,600 — a whopping 104% above the national median. Perhaps this is why most of the city’s residents choose to rent their homes. In fact, 70.9% of Jersey City’s population are renters.
Image via towncharts.com
A large pool of potential tenants is not the only thing Jersey City has going for it. Property investors can also look forward to good returns. In fact, the average cost of rent in this NJ city is $2,842. While this already represents a dip in year-over-year change, it is still significantly higher than the national average. Most of the apartments in Jersey City command rental rates over $2,000.
Image via rentcafe.com
If these aren’t enough to convince you, Jersey City also boasts a low vacancy rate. In 2019, the vacancy rate in this city was 4.08%, up from the previous year’s 3.17%. Still, this is below the national vacancy rate of 5.97%. Even with the state’s rent control policies, landlords nevertheless stand to gain reasonable returns in Jersey City.
Why Go with a Jersey City Property Management Company?
Anyone with a rental property knows that managing one is a difficult undertaking. Landlords have to carry out a plethora of tasks and shoulder a lot of responsibility. For many, rental property management just isn’t suitable.
This is where a Jersey City rental management company comes in. An experienced management company can take over all of the roles of a landlord. This includes advertising your property, screening tenants, collecting rent, enforcing lease terms, and managing maintenance requests.
How do you know it’s time to hire a rental management company?
- You have little to no time to manage your rental home or unit;
- You don’t know how to manage a rental property;
- Your rental property is located far from where you live;
- You own several rental properties that you can’t manage all at once; and/or,
- You simply dislike the idea of hands-on rental management.
Start Looking for Property Management in Jersey City
There is a high demand for professional property management in Jersey City. With so many options, it can all get very confusing. Simplify the search process by using a reliable and comprehensive database. Rental Choice’s online directory lets you search for property management companies by city or state. From there, you can learn more about each company and gain access to their contact information.