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Market Report

Northern New Jersey Multifamily Market Report

2Q 2023

Northern New Jersey’s Vacancy Rate is Uniquely
Holding Below Pre-2020 Level

Positive net absorption streak extends to 37 quarters. While many other markets across the country have seen a wave of units vacated across the past nine months, Northern New Jersey’s apartment sector has remained resilient. At least 1,000 units were absorbed on net in every quarter dating back to the halfway point of 2020, and the metric has been positive in each period since late 2013. One key factor contributing to Northern New Jersey’s strength is that it continues to benefit from the remote work prevalence in New York City. Employees are choosing to live in the metro and enjoy an average rent that trails New York City by roughly $500 per month. The longevity of this trend is uncertain, given that more firms could call workers into offices, but local performance that predates this movement reinforces optimism. A sizable construction pipeline scheduled to finalize across the final nine months of 2023 will nevertheless lift vacancy. The rate will hold below 2019, however, making Northern New Jersey the only major U.S. market to achieve that feat. 

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