Home Buying in Livingston>Question Details

prayerhuang, Home Buyer in Livingston, NJ

How is the rental market in Livingston, NJ?

Asked by prayerhuang, Livingston, NJ Fri Mar 8, 2013

I want to buy a three bedrooms house in Livingston for rental purpose. But I am not sure if it is easy to rent it out and what is the price range for the rent.

--
This question was asked from this property: http://www.trulia.com/property/3110272390-10-Collins-Ter-Liv…

Help the community by answering this question:

Answers

9
Debra (Debbie) Rose’s answer
Yes, a 3 bedroom, 2 bth house in good, sparkling condition should rent out easily, perhaps in the 2500+ range for a more modest split.....but......you're asking about the house on Collins, and that's a TWO bedroom house!

That will not be as easy to rent out.

The only 2 bedroom properties that have rented in town in the past year rented for $1850 and $1900.......this doesn't include the 2 bedroom townhomes in town which rent for a lot more.

Just to give you an overview:
I manage a rental home on N Baums Ct that is currently rented for $3250..., increasing to $3300 when the lease renews later this month........it would sell in the $600,000 range...has a huge master suite and 2 car garage w/ contemporary decor, open flow and full finished basement - total of 4 brs and 3.5 baths

I also listed and sold a home on Billingsley (2 car garage, with pool and large master suite) this Fall, which I had rented out at $3000 - I sold it for 565,000.

Please let me know if I can be of help!

Best wishes.....

Debbie Rose
Prudential NJ Properties

http://www.LivingstonAgent.com
1 vote Thank Flag Link Fri Mar 8, 2013
Thank you!
Flag Fri Mar 8, 2013
Homes in the mid price range of $400K to $600K in Livingston are selling quickly and so are the rentals. Now is a great time to purchase for either. I am working with renters and rentals are going fast.

Let me know if I can be of assistance.
0 votes Thank Flag Link Sun Mar 10, 2013
As a local resident of Livingston, I have been involved in the rental market in Livingston for several years now, and I can assure you that the market is very strong for rentals and purchases. Depending on the number of bedrooms, rents for houses in Livingston go from $2000+ per month. During the spring, rents are high since families are relocating into the Livingston school district. At the end of the summer, rents drop off since the supply of rental properties decrease (many homes are already rented or in contract to rent).

Please visit my website at http://www.EstateHomesNJ.com or http://www.JulianPereira.com for up to date prices of homes in Livingston. If you see a property that you like, please give me a call at (973) 294-1032 and we can go view it.

Julian Pereira, Realtor, JD
Keller Williams Realty
(973) 294-1032
julianp@kw.com
http://www.JulianPereira.com
http://www.EstateHomesNJ.com
0 votes Thank Flag Link Sat Mar 9, 2013
Thank you!
Flag Sat Mar 9, 2013
HI again!

I see you asked why "Collins School distrcit" is so popular.....well.....ask anyone iin Livingston which they think is the "best school" and they will all tell you THEIR child's school is the best!!!!..... whether it is Collins, Riker Hill (which my son attended), Harrison, Mt Pleasant, Hillside or Burnet Hill...they really are all equal, in my opinion.

One other thing you should know - as agents, some years ago the Board of education instructed us not to list the elementary schools on our listings because the Board reserves the right to send children anywhere in the district to avoid overcrowding in any one school.

So, even though a home is located in what is called the Collins or Riker Hill or Harrison area , there is an outside possibility that a child may be assigned to a different school.
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you!
Flag Sat Mar 9, 2013
I see the home you are looking at is 10 Collins Terrace which is a few houses in from Northfield Avenue. It is a 2 bedroom 1.5 bath which would be a condo alternative at $335,000. It looks very nice inside but all the rooms spans are 9-10 feet (den is only 7) except for the living room which is 11.
6 Collins just rented for $2350 this past month but it was a larger home at 3br/3bath home with central air. I would think 10 Collins would rent out at around $1600-$1800.
Sandy
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you! I just happened to click the 10 Collins Terrace. That's not the house I am interested.
Flag Fri Mar 8, 2013
There are 12 rental homes on the market in Livingston right now with a sprinkling of condos at the Regency Club among them. Those tend to rent out on the higher end from $3,000-$3,500.
There is a demand for clean turn-key homes in Livingston because of the excellent school system.
Some of the rental homes have been on the market for 2 months or more and they tend to be the tired-looking ones. Most homes will get rented if they are properly priced within a month or two. The top end home right now is a 5 bedroom, 3.5 bath home on Ridgewood Drive for $3,350 and it's been on for about 22 days. A Regency Club at $3,500 just got rented while on the market for only 7 days.
Historically, I have repeatedly rented a 4-5br home on Billingsley for the past 5 years. It used to command $3,600 but dropped to $3,200 in recent years. It needed some updating but was very rentable because of the popular Collins school district. I just sold it for the owner at $525,000 to give you an idea of the return rate price vs. income. With 20% down payment your carrying costs on this home would run just under $3,000 a month. The market has softened somewhat on rental pricing but if you find a good, solid 3-4 bedroom under $500,000 to $550,000 you could command up to about $3,600, maybe $4,000 max.

Rental Listings Active
No: ML# MED Status Town Code Address Rent Price Ptype Style TRMS TBRS TBTH Park DOM
1 8 Tower Rd* $2,300 7 rooms 3 br 2 4 43 DOM
2 41 Bennington Rd $2,400 5 rooms 3 br 1 2 66 DOM
3 561 W MT PLEASANT AVE* $2,400 6 rooms 3 brs 2 fb 2 38 DOM
4 29 Sterling Dr* $2,650 8rooms 4 br 2 53 DOM
5 10 Tower Rd* $2,700 7 rooms 4 br 2 44 DOM
6 39 Charles St $2,700 10 rooms 4 br 2.1 10 DOM
7 257 N Livingston Ave* $2,900 7rooms 3 br 2.1 11 DOM
8 602 Kensington Ln* $2,950 Condo 6 rooms 2br 2 1 11 DOM
9 290 S Orange Ave $2,995 Custom Home 7rooms 4br 2.1 4 61 DOM
10 4 Orchard Ln* $3,000 Custom Home 9rooms 3br 2 23 DOM
11 30 Ridgewood Dr* $3,350 15 rooms 5 br 3.1 3 22 DOM
12 212 Turlington Ct $3,500 Condo 6 rooms 3br 2.1 1 9 DOM
Totals: 12 $33,845 391
Average: $2,820 32

As you can see the average days on market (DOM) is 32 and the average price rental is $2,820 according to the current availability.

If you need further info, do contact me.
Sandra Bolcar, Broker Associate
RE/MAX VILLAGE SQUARE
Upper Montclair, NJ 07043
973-744-7722
http://www.thebolcarteam.com
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you! By the way, can you tell me why Collins school district is popular? I heard about the same thing from the others, but I just don't know why. I am not familiar with Livingston.
Flag Fri Mar 8, 2013
To answer your question - The rental and housing market in Livingston isAMAZING! There is a very low inventory and this is a town that is in great demand due to location, schools and reputation!

As long as you buy at least 3 bedrooms (4 even better) and 2 baths you should be fine. Many buyers who don't know the area start by renting.

If you are looking for someone to guide you in the buying and rental process it would be our team's pleausre to assist you.

We currently working with an investor who is buying properties for the same exact purpose - I would love to get you a refererence if you like.

Sincerely,

Karen Abramson
The Sharon and Karen Home Team
Keller Williams Suburban Realty
250 S. Livingston Ave.
Livingston NJ 07039
917-294-0356
Sharonandkaren@kw.com
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you for your reply!
Flag Fri Mar 8, 2013
Hi,
There is a market for rentals in Livingston. There are many options for commuting and great schools. There are approximately 11 homes for rent as of now. The rent ranges from $2300-3500 per month. Most of them are 3-4 bedrooms.
I hope this answers your question. If I can help with any thing else please feel free to contact me. We can set up an appointment to talk about all your needs and find a home that meets your criteria.
Best,
Vicki Pinto
Keller Williams Suburban Realty
Vpinto830@gmail.com
973-251-0100
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you!
Flag Fri Mar 8, 2013
The rental market is strong across the board - last year I rented a couple a three bedroom home in Livingston and at the time, we had to move aggressively because of demand. That demand remains strong. I think you have a good plan.

I would be happy to provide you detailed info on that rental and current rentals - send me a quick email and I'll send it along. If you need help on the purchase and on the rental, I'd be happy to assist on both fronts.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference: http://www.FeenickHomes.com
0 votes Thank Flag Link Fri Mar 8, 2013
Thank you for your reply!
Flag Fri Mar 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer