Rentals on the Rise
With all the condo conversion over the past decade taking hundreds of rentals off the market, it's no surprise rents in Hoboken are at an all time high. However, with Upper Grand's 1000 Jefferson switching to rental at the last minute, the dearth of new rental construction is coming to an end. With 1000 Jefferson now experiencing brisk leasing activity more of the new buildings you see going up are likely to be rentals.
The buildings going up on 7th St between Grand and Adams and the new Upper Grand building going up south of ShopRite are two buildings designed and being built as rentals. However, other building originally conceived or designed as condos have now switched course as well. Recent additions to the rental supply include Velocity at 6th and Jackson as well as The Cliffs on the west end of town on Paterson Plank Rd. This new supply will likely not lead to lower rents since it will only put a dent in the local rental shortage. Hopefully though, it will at least make the process of finding an apartment in Hoboken a little less painful.
The buildings going up on 7th St between Grand and Adams and the new Upper Grand building going up south of ShopRite are two buildings designed and being built as rentals. However, other building originally conceived or designed as condos have now switched course as well. Recent additions to the rental supply include Velocity at 6th and Jackson as well as The Cliffs on the west end of town on Paterson Plank Rd. This new supply will likely not lead to lower rents since it will only put a dent in the local rental shortage. Hopefully though, it will at least make the process of finding an apartment in Hoboken a little less painful.
Labels: Hoboken apartment, Hoboken Condo, Hoboken real estate market, Hudson County real estate
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