hi my name is tony, and looking to invest in my first property.
i’m looking for the right market for RENTALS in northen NJ (up and coming) .
i’m considering Cliffside Park, Fairview and New Milford.
any suggestion in the same area or a different area will be appreciated.
I recently moved from Jersey City to Orlando, so very familiar with Hudson and Bergen Counties as I lived there for many years. Are you looking to buy properties to rent or are you looking to rent yourself? I assume the former.
I would look for area’s with high rental rates vs homeowners…If you are looking Bergen County, that’s going to be a tough go, obviously astronomical to buy there and quite frankly they are pricing out renters even in smaller, sub markets. I’d look at highly traffic area’s, perhaps off of Rt 17, Hasbrouck Heights used to be a rental for younger familiar area, Tenafly has fantastic schools and comprises of 50% renters. I would recommend against Northern NJ overall, think Alpine, Ho Ho Kus, Wycoff, Saddle River, Allendale, etc - they hold prices high and most are homeowners with $$.
I’d recommend moving a bit south from Bergen and focus on Hudson. Largely young adult populations, Edgewater, Hoboken, Jersey City…all are “affordable” compared to Bergen County and have a much higher population of renters, all much younger and of course rents are high because of 10 minute commute to Manhattan. Fort Lee is mostly comprised of Asian populations, however, huge rental city.
Bayonne is another one with larger renting population, all NYC transit, many people commute daily…and believe it or not, quite affordable. Perhaps Newark is you want more “rough” or lower class buildings. All rentals there.
Anyway, hope this helps.
PS- any where you go, watch for property taxes though. Leave enough money in your budget to cover, cause other than the ridiculous asking prices, property taxes (especially in Bergen, will be devastating if not planned for.)
thanks for the reply…
i would take that in mind