Northern New Jersey Multifamily Market Report
Renter Demand Remains Robust Through June, but Accelerating
Development Will Weigh on Availability
Region's corporate employers foster solid long-term renter base. As the worst of the health crisis moves further into the rearview, an increasing number of firms on both sides of the Hudson are transitioning employees back to the office, which should furnish demand for units within commuting distance of urban centers. Additionally, the state government is seeking to establish New Jersey as a Fintech innovation hub. Tax incentives have already prompted firms like Fiserv to institute operations in the region, contributing a number of high-salaried positions to the market. Expectations for similar firms to establish local operations should provide a strong demand backstop as the region reports some population attrition.