In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
New Jersey State is an ideal place to buy an investment property and start a rental property business, especially those markets that are near the border of NJ and New York. A lot of people who work in NY near the border prefer to live in New Jersey because of its friendlier housing rates and cost of living.
When buying an investment property, it is of the utmost importance for a real estate investor to pick the best location possible. Among the most obvious and desired features of the best place to invest in real estate are profitability and affordability. However, investing in New Jersey, specifically, also has other benefits in tow. Here are a few of them:
Moving on to vacation rentals, we also used the same Mashvisor location report to give you this list of five of the best places to buy short term rentals in NJ. This list was filtered using the following criteria:
As a rental investment location, New Jersey has a lot to offer investors like you. But before you settle for what you think is the best place to buy rental property in NJ, you need to put in the work first and gather as much information and data as possible. These are needed in making a proper rental analysis, so you have a better idea of the potential ROI or loss.
Investing in rental properties is a big move. It is quite expensive. The slightest miscalculation or negligence will cost you. As an investor, you would want to be prepared for all possible contingencies by having a well-prepared investment property analysis as well as the right rental strategies to get the most out of your investment.
Hamza is a long-time writer at Mashvisor. With a focus on real estate investing tips, concepts, and top investing locations, he aims to help all aspiring investors who come across his blogs to hit the bank with their investment property.
There are several factors to consider when looking for the best spots to invest in New Jersey real estate. Household incomes, population growth, and of course the current prices of homes are some of the most important stats to follow. Successful investors know the benefits of proper planning and research when it comes to securing a profitable deal, and we wanted to provide a resource for New Jersey real estate investors to help with their business. We did the research using recent public data including Redfin, New Jersey Realtors, Rent Cafe, official state records, and other reputable sources to determine the seven best places to invest in New Jersey real estate.
Jersey City is an excellent market for real estate investors based on the variety of investment opportunities. Many investors are performing profitable fix and flips throughout neighborhoods like The Heights and McGinley Square, where distressed condos and duplexes can be rehabbed and flipped for a premium price. With so many popular neighborhoods being located close to public transportation and New York City directly across the river, a recently renovated property in Jersey City can produce incredible ROI for savvy fix and flip investors.
Weehawken in New Jersey is the first, and unexpected, addition to our list of profitable places to purchase property. Often overlooked in favor of Hoboken and Jersey City, this smaller town is starting to grow and property values reflect that. Known for stunning views of the Hudson River and being in close quarters to Manhattan, investors should be careful not to overlook this hidden gem.
Reports in general (some below) show property prices are dropping (some counties are enjoying booming growth in yields) and it may be time to start your buying research now. If the Fed puts the brakes on rate hikes, we might see a renewed interest in rental property investment this year.
Informal research sources are coming up with some of the best cities to buy property, while more formal studies such as the one from AttomData below (SFR segment) present another unique angle for real estate rental market investors.
Do these cities make the best cities to buy property? Those who were paying attention to our reports in the last 4 years, are reaping the rewards. Just the shear rent growth in these major cities makes them attractive for buyers.
* This report is not intended as specific investment advice or recommendation of any rental property. Readers are advised to use this as a starting point in developing your short list of ideal cities and neighborhoods to buy property.
Investors in single-family rental property can have the best of both worlds by owning property with solid cash flow and solid appreciation. This balanced approach focuses on strong long-term appreciation plus steady cash flow income.
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Personal use: One of the benefits that motivates individuals to buy a vacation investment property is personal use. Many individuals enjoy being able to visit the property for vacation purposes and also to be able to lend the property to family and friends. It is important to ask yourself if the investment is more important to you personally or financially, as the answer can affect your strategy.
Rental income: If you own property in one of the best vacation rental markets, then perhaps rental income will be produced in a steady stream. However, not all markets will be conducive to creating an income stream that will consistently cover all expenses. If creating cash flow is your primary motivation behind investing in a vacation rental investment property, then it is worthwhile to consider one of the top vacation rental markets or to invest in a traditional rental property.
Appreciation: In addition to rental income, an important factor to consider is property appreciation. Although real estate market predictions are predominantly speculations, investors should keep in mind that many markets can have big price swings in correlation with the current economic landscape. Investors who carefully research markets conducive to property appreciation in the long run will be best prepared to build equity over time.
Legality: The best place to own a vacation rental is a location where the property can be rented out to guests legally. Before investing, be sure to double-check local zoning laws, as well as any homeowner association rules as applicable.
Partnerships: Working with a partner, including friends or family members, can often open up a lot of opportunities in real estate investing. However, if you want to acquire a vacation investment property with a partner, treat the venture just as you would in business. This includes forming an LLC or another type of entity, as well as having a lawyer create clear contracts.
COVID-19 had a detrimental impact on the world in March 2020, and the vacation rental market was no exception. Any form of travel came to a sudden halt, and almost all of the best places to buy vacation rental properties were either closed or had to implement severe restrictions. As these restrictions slowly began to lift across the world, vacationers rebooked their trips at an alarming rate. Many of the initial declines in the best vacation rental markets happened during March and April but soon began to boom again in May, June, and July. It is clear that as life returns to normal, the most profitable vacation rental locations will rebound quickly in terms of rental rates and occupancy.
Travel in 2020 was changed as vacationers shifted toward driving rather than flying to their locations. As a result, significant increases for vacation rental properties began in areas closer to suburbs and urban areas. The best places to buy a vacation rental property in 2020 were proven to be these close-by, drive-to destinations. Even after the pandemic, properties around 2-3 hours away from metropolitan areas will be popular among travelers.
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