Northern New Jersey Multifamily Market Report

Strong leasing faces heavy supply pipeline. Despite softer migration trends, the metro posted the third-smallest net absorption pullback among major markets over the year ended in March, falling just 10 percent and helping vacancy edge lower. High ownership costs, New York City spillover, and healthcare hiring should help sustain renter demand, especially with healthcare jobs up nearly 4 percent year-over-year as of May — leading all major East Coast metros. Still, roughly 33,000 units remain under construction, down only 13 percent from the 2022 peak, keeping lease-up pressure elevated and rent growth subdued near term.