New Jersey Rental Guide 2022

RENTING A PROPERTY

Property Types There are three distinct types of properties which you might find available to rent. Property Type Description Advantages Disadvantages

Lower entry point to multifamily building

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Single unit within a larger building. Share walls with other units and have community spaces for residents to enjoy. Approval time and difficulty: 1 day to 1 week, usually easy approval, is standard process Also known as condos or townhouses. Often multiple floors and share at least one wall. Approval time and difficulty: 2 to 4 weeks, moderate approval, usually 2- step process Single home built on a single lot with no shared walls and include an attached or detached garage. Approval time and difficulty: 1 day to 1 week, usually easy approval, is standard process

HOA/amenities dues add to monthly costs Smaller living space

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Amenities

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Cheaper homeowner’s insurance

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Higher price per square foot

Rental Building/ Multifamily Homes

Application fees may apply ($50.00 - $300.00)

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Often restrictions on pets, rentals, and certain renovations

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Ownership type: landlord

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Similar amenities as Rental building at no additional costs Larger interior space Fees: High-cost application, board and move-in fees ($350.00 – $2,500.00)

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More rental restrictions

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Less shared HOA /amenities cost Offered in more locations from the city to the suburbs Not as spacious as single-family home

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Condo/ Townhomes

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Ownership type: private owner

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Greater privacy and personal yard Fewer limitations on property use More storage options Application fees may apply ($50.00 - $300.00) May have HOA

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More maintenance overall Generally higher price Increased insurance, and utilities

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Responsible for informing the landlord of any damages

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Single Family Homes

Ownership type: landlord/ private owner

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Rental Guide: New Jersey