NY Post: North Jersey Hottest Rental Market in the US

Submitted by Whole-Campaign89 t3_11txdsd in jerseycity

I know the sub is generally skeptical about such claims - especially the ridiculous assertion that JC rents are higher than NYC rents - but I think there could be a grain of truth to this story (despite being in a Murdoch rag).

With the NYC rental market so dementedly out of control, seems feasible that Hudson and Bergen are now more in demand than the city itself. It appears to check out based on all the newbies asking about DTJC rentals on a $1,500 budget.

https://nypost.com/2023/03/16/north-jersey-is-the-hottest-rental-market-in-the-us-study/

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Comments

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JeromePowellAdmirer t1_jclf56d wrote

They're more in demand in visible terms, but in economic terms demand is still higher in Manhattan. If Manhattan was as cheap as here, they'd be #1 on this metric by far.

As for the JC rents higher than NYC thing, no one ever brings up composition effects. Let's say you go from 2000 old units and 2000 new units to 2000 old units and 3000 new units with no changes in the rent of the actual units themselves. "Jersey City average rent" will still go up even though the exact same number of old units at the same price are still available.

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Maleficent-Baby-1926 t1_jclgetx wrote

i didnt get the visible terms vs economic terms piece

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JeromePowellAdmirer t1_jcllkpq wrote

Visible terms = the competition when you tour an apartment

Economic terms = where people would want to live if money and supply wasn't an obstacle, but it is, and Manhattan rents are too high for many people to qualify, automatically eliminating a bunch of bidders. But be assured, if they could qualify, they'd be applying there before here.

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pixel_of_moral_decay t1_jcmaoml wrote

It’s also the data sources. Different real estate companies use different listing services to advertise units. Nobody is everywhere. Some even have exclusivity periods with certain services. There’s also landlords who only do by referral or advertise with a sign in the window.

And despite what many people think, there’s no official registry of available units, so any research on listed rent is going to have a lot of bias. Just depends what the researchers want to say.

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well_damm t1_jclsi45 wrote

Speed run gentrification.

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JeromePowellAdmirer t1_jcmsmnu wrote

Plenty of parts of Bergen-Lafayette and Greenville which won't be getting gentrified any time soon. Anything between MLK and Ocean in particular, once you get a few blocks away from the light rail.

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sutisuc t1_jclb6ph wrote

Yeah this sucks

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jcnative t1_jcotn28 wrote

The stats vs last year are meaningless because Covid had such a big effect. Stats vs 2019 would be useful to see. 2020 and 2021 lots of apartments were half empty and rents were slashed to attract anyone, no wonder things are different now when people are returning to the office.

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JerseyCity_Nuyorican t1_jcqonae wrote

I believe this. Apartments in JC and even Union City are getting snatched up with applications put in within first day of being listed in the market.

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