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Apartment Construction Booming in New Jersey

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Apartment Construction

The purpose of this post is to summarize the key points from a recent Wall Street Journal article (a link to the original article is below) concerning the state of the apartment construction industry in NJ – which happens to be booming at the moment.  If you’re a NJ landlord, it might just be time to rejoice!

With the real estate market beginning to show positive signs of recovery, the New Jersey property development sector has delved back into constructing rental apartments in a big way. The past ten years have seen the appearance of a spate of apartment high-rises dotting the city skyline. The housing crisis halted this trend because of crashing property values and an associated drop in demand, but with a correction in the market, the apartment construction industry has picked up right where it left off.

The current market seems near perfect for luxury apartments. Although investment properties have faired better, demand for single-family homes continues to stay low and financing is hard to come by for building condominiums. But the combination of improved employment rates, spiking rents and low apartment vacancies suggests a healthy market for apartment buildings.

The state of the economy over the past few years has also created a new apartment culture amongst young professionals. Working professionals and young couples who are undecided about purchasing a home are opting to live in multi-amenity apartment communities and are often becoming enamored with the concept. This is only one among several factors working in favor of the apartment construction industry.

To continue reading this story, click here.

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