MF May Be Getting Overbuilt, RealShare NJ Panel Says

NEW BRUNSWICK—The multifamily asset class may be getting overbuilt, and developers should be thinking about how to react if consumers change the way they look at their shelter needs, said members of the New Development, Redevelopment and Repositioning panel at last week’s RealShare New Jersey conference.

“There is going to be a point when multifamily becomes overbuilt,” says Constantino (Gus) T. Milano, managing director, Hartz Mountain Industries. “The fundamental question is whether people are changing the way they look at shelter needs. Is luxury rental continuing as a long term commitment or is it a trend that’s coming to an end? Marketing has been white hot in the state for a significant time.”