Home Buying in 07030>Question Details

Tsn5012, Home Buyer in 07030

Where are the best rental investment opportunities for a young professional between Hoboken, Jersey City, WeeHawken, and Union City? (Less than $250k)

Asked by Tsn5012, 07030 Tue Mar 29, 2011

Help the community by answering this question:



You need to consider three key factors when looking for an investment rental property:
1. What are the needs for young professional renters
2. What is the long term appreciation potential of the area/property
3. Carrying costs

Having worked with several investment clients, as well as tenants, I've found the following to be the most important criteria for young professionals looking to rent:

1. Ease of commute
2. Neighborhood with plenty of shops & restaurants
3. New or newly renovated property

I believe Downtown Jersey City is the best option. It has several great neighborhoods with parks and restaurants, plenty of inventory, and most importantly, several options for commuting to NYC. Downtown Jersey City has three Path Stations(Newport, Grove St, Exchange Place), two Ferrys, multiple LightRail stops, and easy access to Holland Tunnel. Hoboken only has one Path and one Ferry.

I hope this helps. Let me know if you need any assistance.


Chris Amberg
Weichert Realtors
Exchange Place
Jersey City, NJ 07302
Cell: 917-428-8317
Email: camberg@weichert.com
0 votes Thank Flag Link Wed Mar 30, 2011
If you are looking to rate the towns, that is a bit tricky because real estate is an individual property game, you can always find gold sifting through all the listings in any location the only difference is how much time and effort it may take.
As for Hoboken, Weehawken, Union City and Jersey City that you mentioned I believe you will usually do better on a $250,000 investement in Union city or Jersey City. Leaving the expenses out of the equation for now, $250,000 in Hoboken currently buys a studio or 1 bedroom. These would rent for $1,400 to $2,000. The same investment in Union City would buy you a 2 Bed and a 1 Bed Condo that would bring in around $2,400 in rent. That same investment in a 2 or 3 family house in Union City would bring between $2,200 and $3,000 in rent. Weehawken is somewhere in between the two. Jersey City is a large place and there are many different neighborhoods, some neighborhoods bring rents and prices like Hoboken, others similar to Union City. The tax structures and rent control rules are also very different by town. I have recently been working with investors in Union City and West New York where we have found good value. If you would like further more detailed information , please contact me at 201.388.9670.
0 votes Thank Flag Link Wed Mar 30, 2011
Hi Tsn5012 you can find an investment property in virtually any area depending on the rate of return on your cash investment that you are looking for. The rental market is strong and will get stronger. Now is a great time to invest and last year almost 30% of all transactions were purchased by investors such as yourself.
Please don't hesitate to reach me if you'd like assistance on identifying properties.
0 votes Thank Flag Link Wed Mar 30, 2011
Everything the 1st broker stated is correct. The only thing I would add is when investing never limit your areas. There are great opportunities in all areas you mentioned as well as others like Teaneck & Englewood & NY. I'm a broker in NY & NJ I will be happy to assist you 917.858.8444
0 votes Thank Flag Link Wed Mar 30, 2011
If your looking for a true investment tenant occupied , all the areas are good . The rental market is strong and will remain strong . You have to look at the ROI ( return on investment ) that you considering . I own several investment properties and can help you with your decision . Alot of investors forget about the Depreciation of the asset you are allowed to take from the IRS . If you take the purchase price and divide it by 27.5 years you get to (write off ) that portion each year against your gains . Give me a call 201-401-5461 , im sure i can help you
0 votes Thank Flag Link Wed Mar 30, 2011
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