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.