When renters want to rent; developers want to build; and municipalities want to reinvent themselves, it’s a trifecta of opportunity for everyone involved. And the multifamily industry is fueling this opportunity.
NJAA member, Marcus & Millichap, the largest national commercial real estate brokerage firm specializing in real estate investment services, weighs in how our industry puts Main Street back on the map in New Jersey.
Bergen and Passaic counties, Aviles’ primary focus, have traditionally been seen as bastions of suburban living. In Bergen, 6,922 single-family homes sold in Q2 at a median sales price of $475K, a year-over-year increase of 3.3%. But multifamily demand is starting to outpace single family. Effective rents for multifamily units in Northern New Jersey were $1,840, a year-over-year increase of 4.2%.
Read on to hear what the experts have to say.