Newark, NJ: Brick City
Newark has an estimated 311,549 residents, making it the most populous city in New Jersey. It also functions as the seat of Essex County. Colleges and universities located within the city include Rutgers University-Newark, the New Jersey Institute of Technology, Essex County College, and Seton Hall University School of Law.
Newark is also home to a thriving arts and culture scene. Notable museums and performing arts venues in the city include the New Jersey Performing Arts Center, Newark Symphony Hall, the Newark Museum of Art, and the Prudential Center. The city also hosts a number of cultural events throughout the year. Some of these are the Portugal Day Festival, the Lincoln Park Music Festival, the Newark Black Film Festival, and the AfroBeat Fest.
When it comes to sports, Newark has one major sports team — the New Jersey Devils of the NHL. Other points of interest include the Jewish Museum of New Jersey, the Grammy Museum Experience, the Thomas Edison National Historical Park, Turtle Back Zoo, the Montclair Art Museum, and Branch Brook Park.
What Is Newark’s Rental Market Like?
Newark has a flourishing rental market. The median listing price for a home in this city is $398,800. Perhaps it is due to this that the city has a large renter population. In fact, 77.7% of residents in Newark rent their homes.
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Rental property owners stand to earn a good income in Newark. Aside from a wide pool of renters, Newark also boasts a high rental rate. The average rent in this city is $1,299, which represents a 7% year-over-year change. A bulk of apartments in Newark command a rental rate above $1,000, and 10% of apartments charge above $2,000 in rent.
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While New Jersey leans more toward being tenant-friendly, its landlord-tenant laws do provide some breathing room for rental property owners. Rent control policies also vary depending on the jurisdiction.
How a Newark Property Management Company Can Help
The rental market in Newark is definitely favorable to property investors. However, it takes more than just capital to become a successful landlord. There are several variables at play, and you must have a deep understanding of the landlord-tenant laws in New Jersey to operate within the law. The bottom line? Being a landlord takes up a lot of time, energy, and resources.
A Newark rental management company, though, can help you with all of it. A rental management company can handle the entire tenancy process from start to finish. Although services can change depending on the company you hire, they generally include the following:
- Rental property advertising
- Tenant screening
- Property showings
- Rent setting and collection
- Lease agreement preparation
- Routine inspections (including move-in and move-out inspections)
- Lease terms enforcement
- Maintenance and repairs management
- Tenant support
- Budget management
- Tax preparation
- Eviction assistance
Get the Best Property Management in Newark
Newark is a big city, so it can be hard to find a property management company. Most of the search process nowadays is done online, and Rental Choice recognizes this need. Our online directory features reputable property management companies you can filter according to your city or state. Start looking for the best one today!