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I am planning to buy a condo to rent in jersey city and wanted you guys' opinion on the ability to rent a 1bedroom unit out in jersey city. how easy/difficult is it to rent out a property here. Is it easy to rent if the unit is priced lower? I see a ton of available rentals on zillow
What are your thoughts?
Its extremely hard to be a landlord in NJ, especially Jersey City. You must follow everything to a T. One mess up, and you are out thousands in lawyer fees. Not trying to deter you, JC's market is easy to rent, but renters are smart now. Especially with rent control.
I would think long and hard on the pros/cons of buying with the sole purpose of renting out. On the 'pros' side, there will always be demand for prime JC locations (i.e. inside the I-78 loop), but JC is pretty large, and there are sections that were 'over-speculated' and are overpriced (imo).
NJ is also fairly tenant-friendly. If you're renting prime properties priced at a premium and find a great tenant, that's probably not really an issue. But if that's not the type of property you have in mind, once you get someone in it can be tough to get them out.
I would personally never wade into those waters, especially at these current valuations (and with current interest rates, it's easy to get a steady return with minimal risk via CDs/treasuries/etc. if you're just looking for passive income). But everyone's risk appetite is different - it may pay off wildly at some point.
If you believe the numbers work, and you want to take the risk then go-ahead it could pay off. There are always opportunities buying rental properties, however this market is tough to get into. Due to the sharp increase in prices, if the rental market demand loosens up a bit, you're competing with a lot of housing that may have more flexibility with their rental prices.
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