From the NY Post – Hat Tip ChiFi:
As interest rates remain high to combat languishing inflation, warding off potential home buyers, the rental market has been very competitive.
And while New York City’s Manhattan and Brooklyn boroughs have seen the biggest leaps in competitiveness, neighboring North Jersey is now considered the most aggressive market for renters in the nation, according to a new study.
Data from RentCafe’s newest Rental Competitivity Report shows that North New Jersey — which makes up Bergen, Essex, Hudson and Passaic counties in the city suburbs — earned the top spot for rental demand.
The study found that those North Jersey areas — which comprise Jersey City, Hoboken, East Orange and Hackensack — are twice as competitive as Manhattan due to a drastic housing shortage.
Specifically, an influx of renters is pushing occupancy close to 97%.