EAST BRUNSWICK, NJ-The combination of strong rental demand and short supply will be the catalysts for a continued multi-family boom in New Jersey this year.
Jeffrey G. Otteau, president of Otteau Valuation Group, in East Brunswick, says that the rental housing market in New Jersey is close to reaching “virtual full occupancy.” Multi-family vacancy, which has fallen steadily since its peak of 5.2% in 2010, could reach 2% for the first time since 1970, the start of Otteau’s records, according to a report in NJBiz.
“I have seen it in places like New York City, which is obviously a very hot spot when it comes to the rental market,” Otteau says. “But I haven’t seen it here in New Jersey before.”
In 2012, permits for new apartment projects rose 51% in New Jersey, while single-family home permits increased by 15%. See story in NJBiz.