Multifamily Panel Sees 'Dark Clouds,' Oversupply in NJ Market

ATLANTIC CITY, NJ—For the first time in a decade, the multifamily rental market “is starting to see a few dark clouds on the horizon,” as supply and demand move toward equilibrium, says Carl Goldberg, co-founder and former partner of Mack-Cali affiliate Roseland, who recently formed an investment partnership called Canoe Brook Management with his daughter and a former Roseland associate. “After ten successive years of rental growth in Hudson County, the primary luxury multifamily market in the state, we are seeing prices flattening.”

Goldberg spoke during a three-part panel on the economic outlook, during a session focused on multifamily development, at the Atlantic Builders Convention of the New Jersey Builders Association held in Atlantic City, NJ, this week.