According to Gebroe-Hammer managing director Ken Uranowitz, area occupancy rates are approximately 95%, with rental rates averaging approximately $825 for one-bedroom and $975 for two-bedroom units. "Our firm is extremely active in Jersey City, where investments in apartment rental buildings, especially older, small-to-mid-sized properties, continue to outpace the office and industrial submarkets, due in large part to its controllability through rent appreciation," he tells GlobeSt.com.

For older properties in the area, new ownership typically implements value-add strategies such as renovation and refurbishment projects to reposition the property and leverage higher market rents. "Jersey City also continues to experience high levels of multifamily trading activity because you have more livable space for less money, which really does contribute to a solid occupancy rate in the city," he adds.

Despite the downturn, we're witnessing the highest level of market activity and interest in stabilized apartment buildings, agrees Massey Knakal managing director Landon McGaw. "Forecasting out, you'll see more people coming into the Jersey City market looking for alternative living options."