I'm considering the purchase of a 2-family house in the area of 5th Street and Livingston Street in Elizabeth.

Asked by Dave V., New Jersey Thu Jan 1, 2009

Can anyone tell me how much I can expect to get for rent for a 1BR (4 rooms) and 2BR (5 rooms) apartment in that area? The house is in good condition and the apartments will be renovated. Thanks.

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4
Gina Chirico, Agent, Fairfield, NJ
Thu Jan 1, 2009
The rentals seem for a one bedroom vs. two bedroom seem to be somewhat similar and also vary whereby some two bedrooms are rented for $800 and a one bedroom is renting for $1000 but somewhere between $850-$1150 per floor should be a good start. Are the units already occupied? If they are - are the current tenants on lease or month to month? (Note that if the property was not owner occupied and there is currently a month to month tenant renting, the thirty days notice may not apply. You will need to check with the town to verify). Another BIG factor to consider is who pays the utilities? If you are paying the utilities make sure the rent roll will make sense each month and if you aren't, then you may have a little flexibility.

A little off beat here, but if you are looking into Section 8 tenants, keep in mind that Section 8 has their own rent limits and guidelines irregardless of what other rental properties and being rented for and for any additional questions regarding rental property in general in Elizabeth you can always contact Elizabeth's rent control department (Carol Campbell, Rent Regulation Representative, 908-820-4181). I've found that most towns that have a rent control division are very helpful in answering and assisting potential new owners, current owners and even realtors with questions and procedures for rental properties in their town .

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
GinaChirico@PruNewJersey.com
2 votes
Jose Nunes, Agent, Roselle, NJ
Thu Oct 17, 2013
As an agent in Elizabeth, I can tell you that a 1 bedroom, depending on condition can get you about 850-1000 and a 2 bedroom depending on condition can fetch 1100 -1200 in that area.
Give me a call if you need further assistance.

Joe Nunes
RE/MAX In Action
908-591-6600
0 votes
Helmer Zapata, Agent, Union, NJ
Wed Jan 7, 2009
1 beds go between 750 and 850 and 2 beds go between 850 and 1100. Let me know if you need assistance
0 votes
Voices Member, , Benton County, OR
Thu Jan 1, 2009
Dave, You can try these sites, they may give you a general idea...

http://www.zilpy.com/

http://www.rentometer.com/ ........... This site should allow you to type in the address and rent amount to get comparables in the area..

Dunes
0 votes
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