Morkitu t1_itoumun wrote on October 25, 2022 at 5:45 AM

Moving to Jersey City became a sort of knee jerk reaction for folks shocked by the changes to NYC wrought by the pandemic. Changes with included massive rent increases, and a reduction in convenience and quality of life. Realtors and investors saw quick opportunities to throw up "luxury" structures and redevelop areas in anticipation. They cashed in on this hysteria and still are cashing in. With the greedy Board of Education and City Council approving gargantuan tax hikes, the cost of rent is now passed on to renters who are waking up to a new nightmare.

Now, I think the honeymoon period is wearing off, and people are seeing that they were promised Brad Pitt, but got Chris Pine instead. They were shown brochures of Downtown JC area and Newport waterfront areas, but many ended up in run down Journal Square, or the surrounding areas. Jersey City is undergoing lots of redevelopment, but it's still pretty rundown compared to other cities in NJ proper.

Thanks to Jenny (Gentrification) the rents are ticking up and getting close to Manhattan levels. So where's the bargain now? Where's the value? Is it worth being able to just hop a PATH train to Manhattan? With remote work, is it worth it still?

Yeti_Urine t1_itpy5kr wrote on October 25, 2022 at 1:32 PM

I would argue, yes. It's worth it because of the ability to, relatively, easily commute to Manhatten. These rents are not competing with Manhattie at all. Look at the increases over there. Small one bdrms in lower Manhattan are goin for about $3500 in pre-war walkups. JC is still, and probably always, gonna be a cheaper alternative to Manhattan, Brooklyn and Queens. It'll probably never be as fun, but from an economics angle... yes of course.

Morkitu t1_itqkdli wrote on October 25, 2022 at 4:03 PM

Yes, hopefully at least some people will find value in JC versus Manhattan. Hopefully the rents will stay "cheaper" for at least another several years. Best wishes to you!

JeromePowellAdmirer t1_ituvkp4 wrote on October 26, 2022 at 2:13 PM

There's no chance JC rents will ever equal Manhattan, though it doesn't preclude both places rents from going up

alex12m OP t1_itpyfzo wrote on October 25, 2022 at 1:34 PM

I definitely agree with everything you said, although I didn’t move here from NYC- I moved here from south Jersey since my new job was in Manhattan. But I heard Jersey City had lots to do and was fun and had a bunch of young singles. And that the apartments were so much better than you would get in NYC (space, parking, amenities). It definitely seems like the NYC crowd moved in all over Jersey City including the West Side because even a “luxury” building down the street from me is charging $2450 for a 1 bedroom and they wouldn’t do that unless there were people that were willing to pay (probably NYCers). But at least they have a pool lol.

Morkitu t1_itqk6r0 wrote on October 25, 2022 at 4:02 PM

Well Jersey City is still in redevelopment, so hopefully the quality of life will improve for the prices. Hopefully the "juice will be worth the squeeze". Best wishes to you!