Rental Market Statistics for Union NJ
The flip side to a bad housing market is a good rental market, particularly in places like Union, NJ where the school district is desirable and the town itself is centrally located to several major highways providing easy access to NYC via train, bus, or car.
Over the past year, and according to the Garden State MLS, the North Jersey Multiple Listing Service, the average 3 bedroom single family detached home (not townhouses) rented for $2, 174 within 43 days of it’s listing date. Starting price for a 3 bedroom home for rent in Union, NJ was or is $1650 on the low end and can be as high as $2700. As of October 3, 2010, 19 single family houses for rent in Union NJ have closed, which makes looking for a house for rent in Union NJ a competitive process for tenants. Potential tenants should be prepared to provide the following items when looking for a house for rent:
- Copy of his or her credit report and score (if there are more than one leasee, each leaser should be prepared to provide a copy of his/her credit report) Please keep in mind that you are providing your full credit report to show your debt to income ratio and credit score. Generally, a individual with a middle credit score of 700 is generally considered a good financial risk. If your score is not 700 or more, be prepared to explain why your score is not average. Many homeowners will consider tenants who can show that they are at least income qualified if not credit worthy.
- Proof of Employment by providing a copy of two recent paystubs or other proof of income such as a profit and loss sheet if self-employed, maybe even tax returns.
- 1 Month Advance
- 1.5 Months of Security
- 1 Month’s Rent for Realty Fee (on occasion, this fee is split with the Landlord/Homeowner, but in most cases, the tenant is responsible for the free)
Imagine for a second that you are considering renting a house. If the average Union NJ single family home rents for $2200, you should be prepared to save or have available $7700 which will cover the base cost of moving into your single family home. There are often other monthly fees to consider. For Example, renter’s insurance, heating and utilities.
Benefits of Renting Over Buying a Home
- Buying Real Estate is a smart investment over the long haul. If you find that you are interested in having the single family home experience for privacy, storage, space, a better school district or quality of life, renting for a period of 1-2 years might be a good thing for you, especially if you do not have an established rental history. In fact, if your long term goal is to buy a home, one element of qualifying for a mortgage is showing consistent rental history.
- When you are a tenant, you do not have to keep up with the upkeep of a home or pay real estate taxes.
- Renting a home may provide you with valuable insight into deciding which community or town suits your lifestyle and budget.
- Renting can be temporary housing for people with contract positions.
- Renting might afford you a more luxurious home.
Houses for Rent Union NJ
Simply send an email Angie Perez with the subline line as new RTOs Union NJ
Enter your email address to download Here are some examples of houses that have rented recently
Home sellers when you can not sell your home, consider renting it out with Angie Perez a Weichert, Realtors Sales Associate. Please call 973-715-6210 for more details.
Powered by Facebook Comments