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The New Jersey apartment market today bears some resemblance to the Texas oil market, circa 1980: it's all go-go-go. Developers are racing to produce the product—which in this case is multifamily rentals, most of it new construction. Capital is chasing the product, with nearly single-minded zeal. And consumers can't seem to get enough, even as prices escalate to unprecedented heights. (The statewide occupancy rate is over 96% by all accounts, and in the hottest waterfront communities, it is effectively 100%. The average class A rent is $1,973; in Hudson County, the monthly rent for a two-bedroom currently averages more than $2,600.)

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