Ashley Morgan, Home Buyer in New York, NY

What is the average rent of a three bedroom apartment in Newark?

Asked by Ashley Morgan, New York, NY Tue Jun 3, 2008

I am looking to buy a mulitifamily home right outside of downtown Newark but I am wondering if the pool of renters needed is available. I am also not sure of the potential development in Newark. Revitalization efforts before have not been successful. Any input on this would be helpful.

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Ashley, the rent for a 3 bedroom apt in Newark is about $1200/ month outside of the Ironbound section. This would be the standard offered by section 8 housing but it is considered market rent as well.
As for the revitalization effort, well billions of dollars have already been bet that it will take place. Since the ROCK was the first piece to me the second and telling piece is a night life other than just events. I heard that a couple of nice restaurants have taken leases near the arena which signals the beginning of hopefully a lasting re-gentrification as well. If Newark can establish a Night Life, then the people will come.
1 vote Thank Flag Link Tue Jun 3, 2008
I grew up in the Ironbound section of Newark and have family in North Newark (near the Belleville border). The bottom line is that the current rents a home is getting now have to make sense when buying. I've talked to a lot of people who bought in the height of the market a few years back. Average rents outside Ironbound is around 1200 to 1400 average.

I also work for a company who just opened a small college branch in Downtown Newark (near the Library and Museum). I witnessed the development of Bears Stadium, NJPAC, the FBI building and Blue Cross building (near Penn Station), and more recently the Prudential Arena (home of the Devils hockey team) and the installatoin of the Lite Rail system from Washington Street Station to Penn Station being finished.

In the 80s and 90s Newark used to label The Renaissance as the era of downtown improvements but that fell to the wayside. Now you will notice a dramatic facelift to the downtown landscape of Newark which is making a difference both financially and visually for Newark. I believe the changes are here to stay and improvements are more to come. Newark has a new administration as well with new Mayor Cory Booker. Sharp James has been out for a couple of years now and things are looking better.

Hope the home purchase you're looking for is in Newark if it all makes sense for you.

Carmelo Torres
A Home For Sale Realty
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0 votes Thank Flag Link Mon Jun 9, 2008
I have an exclusive 2 family with a finished basement with seperate entrance that is allready rented, Im willing to put it up for sale to the right person, it is in North Newark let m eknow if your interested, Its not listed with a realtor so I can give you a deal on it, I also have a one family that is listed and rented
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0 votes Thank Flag Link Tue Jun 3, 2008
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