JERSEY CITY, NJ—Apartment rental prices in Jersey City went over the $50-per-square-foot mark in 2015, leading a rental price explosion that has also increased demands along the Garden State's new "urban gold coast." The Marketing Directors, a New York consultancy, says that means an additional 12,000 apartments will be built in New Jersey over the next five years.
Harrison, Newark, Edgewater, Fort Lee and Jersey City residential neighborhoods continued to experience strong leasing activity and higher rental prices in 2015, according to The Marketing Directors' year-end market report. Jersey City led the way with up to 100 homes leased each month during the year in a number of developments upon opening, while the Newark, Edgewater, Harrison and Fort Lee markets remained stable with approximately 40 leases signed per month for mid-priced homes.
"New Jersey is primarily a rental market with developers building mostly one-and two-bedroom communities with finishes and amenities comparable to their Manhattan counterparts," says Jacqueline Urgo, president of The Marketing Directors. "The result has been tremendous, garnering extremely strong demand and much higher rental rates, especially in Jersey City and New Jersey's Gold Coast."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
