Ardent renter demand drops vacancy to record low despite elevated completions A slow-but-steady influx of new jobs continues to expand the number of households in Northern New Jersey, where the high cost of homeownership prompts many to rent. Apartment demand in the region is further enhanced by the inflow of renters priced out of Manhattan, which will help reduce vacancy in 2020 to its lowest rate in at least two decades. Residents are particularly interested in Hudson County multifamily housing, supporting elevated construction activity in Jersey City and Hoboken this year. Monthly rates for luxury units in these neighborhoods now often surpass $3,100, which will lift the regional average effective rent above the $2,000 threshold for the first time. Potential tenants seeking lower payments are looking farther west, where new developments are also underway. More than 1,000 apartments will open in Union County this year, where previously no more than 700 rentals had opened within one year. These upcoming deliveries will add options to a submarket where Class A vacancy hovers near 2 percent.