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You can also consider the monitor's input lag, but most have low enough input lag for a responsive feel. It also supports HDMI Forum VRR to reduce screen tearing, but only high-end HDMI 2.1 monitors support that VRR format, so VRR from the PS5 doesn't normally work on budget monitors. Besides the compatibility, getting a monitor with good motion handling is important if you want minimal blur trail behind fast-moving objects.
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You can also find 1440p or 1080p displays for cheaper, as the PS5 supports both resolutions, but that means you won't be able to take full advantage of the console. The PS5 supports 4k games up to 120Hz with HDMI 2.1 bandwidth, so 4k monitors that support HDMI 2.1 bandwidth can make full use of the console. When looking for the best gaming monitor for PS5, you'll want a display that can take advantage of the console's features.
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