North Jersey is still one of the most competitive rental markets
The real estate market in New Jersey is still red hot with houses being sold for well over the listing price, but what is the landscape like for renters? If you’re in North or Central New Jersey, the rental market is also hot.
According to a survey by Rent Café, North Jersey is the third most competitive rental market in the country, knocked out of the top spot by Miami in this report, and Central Jersey is 12th.
For North Jersey, there is a 96.3% occupancy rate, while there was a 1.2% increase in new apartments being built. What is really eye-catching is that there are 15 prospective renters fighting for each rental.
The average unit is on the market for 34 days; that’s five days faster than the national average. Additionally, 71.4% of renters renewed their leases, putting more pressure on the inventory available; that number is above the national average, as well.
Central Jersey isn’t quite that hot, but it’s up there. It had an even higher renewal rate at 82.6%. There were 10 prospective renters for each unit, with 45 average vacant days. There was a 95.9% occupancy rate and very little in the way of new construction.
Some of the national findings:
🏡 The national market was moderately competitive: 10 renters per vacant unit vs. 15 at the same time last year
🏡 Housing supply was up 0.57% vs. 0.67% one year ago; 60.5% of renters renewed their leases
🏡 Miami was the most competitive nationally: high occupancy rate of 97.1%; 25 renters per vacant unit
🏡 The Midwest was the hottest region: 3 markets in the top 5; Florida showed signs of cooling
🏡 Milwaukee was the second hottest market: 16 renters per vacant unit; apartments occupied within 1 month
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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