My wife and myself are in North Jersey.

Looks like you're in south Jersey - I used to work in Blackwood, NJ, not far from Cherry Hill, and I commuted from West Philly. 

But generally there's such strong demand for rentals here and add to that Covid refugees fleeing higher density cities like New York, New Jersey and Miami will be renters, at least in the short to mid term. 

I live in North Jersey and am sort of referring to the cities known as Passaic and Patterson

I owned 3 multifamily in the Greenville neighborhood of Jersey City for 7-8 years.  

Newbie from New Jersey.

@Alexandra ChaploutskiyIt would be helpful for those of us who live in north jersey if you provided the contractor’s real name as opposed to using an alias.

The question I have is whether anyone is aware of the health of the small multi family market (5-20 units) in New Jersey, especially central and south Jersey?

I'm not from your area, but a google search turned up this:https://therealdeal.com/new-york/tristate/2022/12/19/new-jersey-city-eliminates-20-limit-on-rent-increases/#All the best!

I recently closed on my first short-term rental property located on the Jersey shore.