Top City Searches in New Jersey
New Jersey: The Garden State
New Jersey has an estimated population of 9,288,994 residents, making it the 11th-most populous state in the nation. In terms of area, though, it is the fifth-smallest. Trenton serves as the capital city, while Newark is the largest. New Jersey is known for its excellent public schools and wealth. In fact, a tenth of all households in the state are millionaires.
New Jersey is home to a vibrant arts and culture scene. There are many museums in the state, such as the New Jersey State Museum
, the Newark Museum of Art
, the Liberty Science Center
, Morris Museum
, and the Montclair Art Museum
. There are also several performing arts venues here, including the New Jersey Performing Arts Center
and the New Brunswick Performing Arts Center
One major sports team, the New Jersey Devils of the NHL, is based here. The state also previously had an NBA team, the New Jersey Nets, now known as the Brooklyn Nets. Colleges and universities located in New Jersey include Princeton University
, Rutgers University
, the New Jersey Institute of Technology
, Montclair State University
, Seton Hall University
, and the College of New Jersey
Other attractions include Adventure Aquarium
, Grounds for Sculpture
, Princeton University Art Museum
, Six Flags Great Adventure
, Morey's Piers & Beachfront Water Parks
, the George Washington Bridge, and Liberty State Park
Analyzing New Jersey's Rental Market
New Jersey has a very attractive rental market. While the state has one of the most expensive housing markets, with a median sale price
of $400,000, rental property owners still stand to earn favorable returns. The Garden State boasts a large renter population, with 36.1% of its residents being renters.
Image via towncharts.com
Additionally, the median rent in New Jersey is rather high. In 2019, the median rent was $1,376, whereas the national median rent at the time was $1,097. Rent has also been steadily growing since 2012.
Image via deptofnumbers.com
To top it all off, landlords won't have much trouble finding suitable tenants. The vacancy rate in New Jersey was 4.23% in 2019. In comparison, the national vacancy rate was 5.97% in the same year.
When to Hire a New Jersey Property Management Company
A property management company can help landlords with their everyday duties and responsibilities. This includes finding and screening tenants, conducting property inspections, collecting rent, enforcing lease terms, overseeing maintenance, and answering tenant concerns. A company can also help with tax preparations, budget management, and evictions.
But, how do you know it's time to hire a New Jersey rental management company?
- Lack of Time. Finding time out of your day to manage your rental property can be difficult when you have a full-time job and personal responsibilities.
- No Experience. Managing a rental property is no easy feat. Apart from time, it also demands expertise, something that not all landlords are equipped with.
- Multiple Properties. Owning several rental properties might be a good way to earn extra income, but it can get very burdensome if you're unable to manage them all at the same time.
- Location. Do you live far from your rental property? Driving back and forth just to show the place to tenants and oversee maintenance work is a waste of time and money.
- No Interest. If you simply dislike the thought of managing a rental property alone, then hiring a professional is the way to go.
In Search of Property Management in New Jersey?
Looking for rental property management in the state of New Jersey? Rental Choice was formed to be a valuable resource to property owners and landlords. Our online database contains professional property management companies looking to service your rental home.
By entering your zip code or selecting your city, our website allows you to target your search for trustworthy companies. Simply find the companies that offer the service your community needs and reach out to that company for more information.