From the NY Times:
IN the eternal dance of developers responding to the rhythms of change, the belle of the ball is always changing.
“Condominium construction and conversion, particularly on the Gold Coast, has been running sort of rampant,” said Jeffrey Dunne, a vice chairman of the tristate investment team of the large property-services firm CB Richard Ellis. “Coincidentally,” he pointed out, “there is a diminished supply of rental buildings.”
Meanwhile, added Jeffrey Wiener, president of Kislak, a Clifton-based broker of rental properties, demand for apartments remains high, because there is always a large group of North Jersey residents who are “renters by choice.” And as interest rates have begun to climb, pricing more people out of the homebuying market, the number of renters inevitably increases, he said.
Now, it seems, rental apartment buildings are emerging from wallflower status and may be headed for a stint as prom queen.