||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
New Jersey Rental Market Overview
Garden State Recovery Underway in North, Room for Improvement in South
While foreclosures slowed throughout most of the US in early 2013, housing concerns in southern New Jersey increased. A study last year by CoreLogic noted that at 7.2%, New Jersey had one of the highest foreclosure inventories in the United States, second only to Florida. Participants at the New Jersey Future 2013 forum noted that the struggling housing market was a concern prior to storm damage from Sandy, with the Vineland-Millville-Bridgeton region having the highest rate of combined delinquencies and foreclosures according to Director Kathe Newman of Rutgers University. While recent HUD data indicates that some parts of Cumberland, Burlington and Ocean counties have residential vacancies beyond 10%, northern New Jersey enjoys one of the strongest job creation forecasts in the nation according to the 2013 Marcus and Millichap National Apartment Report. The report ranked this portion of the Garden State 8th out of 44 on their annual index of top apartment markets in America. The positive news is the combination of robust job growth and modest apartment construction. Many of the new riverfront units in Jersey City are oriented toward tenants who desire the commuting conveniences of living near their Manhattan offices without the expense of living on the island.
Adopt Rental Strategies to Match Your Market
The headline might sound obvious, but many small landlords and independent investors miss the due diligence when it comes to exploring the potential opportunities and setbacks associated with their local rental market. This is especially commonplace among property owners who inherit family properties and convert the assets into rental units. Property owners near Jersey City may want to consider upgrades to keep their offered amenities in line with new multifamily units. Landlords with assets in the southern parts of New Jersey should explore effective marketing strategies and conduct price comparison research. Some rental demographic information is available online, but many real estate professionals employed by New Jersey property management companies have access to timely sales data regarding recent transactions. Property managers usually handle multiple clients and are often willing to share insights regarding specific rental strategies that work best in your marketplace. To learn more, review our New Jersey property management company profiles and request your free information today.