February 5, 2017
Most of the 7,000 new apartments that open in Northern New Jersey in 2017 will be in Jersey City. “Leasing velocity will be rapid, filling many of the new units anticipated for completion this year,” according to Marcus & Millichap’s 2017 U.S. Multifamily Investment Forecast.
Northern New Jersey has become a highly desirable alternative for Manhattan and Brooklyn residents because of its quality of life and affordability. Apartment rents are as much as $2,000 less than those in New York City. and a growing number of corporate jobs that have relocated to the area will draw renters from across the Hudson in 2017.
Thriving demand for rental housing across Northern New Jersey will cut the percentage of vacant apartments 20 basis points to an average 4.1%. Effective rents will rise for the eighth straight year by 5.2 percent to $1,882 per month in 2017.
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