From the Jersey Journal:
Hudson County real estate market thrives as NYC couples, families, continue migrating for more value
For years, Hudson County real estate has enticed scores of New Yorkers to ditch the Big Apple in favor of more space and lower rents without sacrificing city access.
The coronavirus pandemic seems to be accelerating those migrations.
As New York City real estate suffers amid the pandemic, with vacancy rates spiking and rents falling, Hudson County’s market has continued to flourish, industry professionals say. In recent months it’s proven to be a haven for both renters and prospective buyers who are working from home and looking to spread out.
Average rent in Jersey City during April, May and June was up by 0.2% from the same time last year, according to Apartment Guide’s mid-year rent report. Meanwhile, in Manhattan, average rent was down about 6% between July 2020 and July 2019, according to the Douglas Elliman real estate company, signalling less demand for rentals. That difference grew to 10% when landlord concessions were included.
“There’s a certain appeal to not being in Manhattan and saving the money and being near transportation,” said Jonathan Kushner, president of Kushner Real Estate Group. “We’re very definitely seeing some tenants saying, ‘I don’t want to be in Manhattan right now with everything going on … we feel safer here. There’s more space.’”
About 40% of renters who move into brand new buildings in Hudson County are relocating from Manhattan, Kushner said, adding that his firm has seen a slight uptick in that percentage during the pandemic.