Northern New Jersey Multifamily Market Report

Renters gravitate toward city centers. The metro’s urban nodes remained resilient in early 2025, bolstered by improved office and industrial leasing and return-to-office mandates from major firms like JPMorgan. New York City's congestion pricing may also be steering renters toward transit-rich areas. Despite a surge in new supply, luxury rental availability in both Hudson and Essex counties was below the metro's overall Class A vacancy rate of 8 percent as of March. Jersey City’s urban appeal and transit access should keep attracting affluent renters, while Newark will likely still draw those seeking more moderately priced rentals. Though deliveries are expected to stay elevated in both areas, fundamentals should remain in relative balance, fueling stronger rent growth for upper-tier properties.