May 3, 2017
In the suburbs of New Jersey, apartments managers are having a hard time raising rents because too many new apartment communities are opening around them.
“There’s a lot of development,” said David Sorter, senior editor for Axiometrics. “Developers plan to open 7,129 new apartments in 2017. If Northern New Jersey was its own metro, it would rank No. 17 for new supply this year… ahead of Boston, Miami and San Francisco.”
Rents still grew 1.1% in March, compared to the years before. That’s less than inflation, but better than the 0.8% rent drop in the New York metro area overall.
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