Apartment market expected to maintain strong, steady course.Continued job growth should sustain strong renter demand in Northern New Jersey this year, helping to maintain tight vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. and support a modest rate of rent growth, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a first-quarter Apartment Research Report by Marcus Marcus, in the Bible: see Mark, Saint. & Millichap. While the market, which consists of Bergen Bergen, city, Norway Bergen (bĕr`gən), city (1995 pop. 221,645), capital of Hordaland co., SW Norway, situated on inlets of the North Sea. It is Norway's second largest city and a major shipping center. , Essex,. Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. , Morris, Union and Passaic Passaic, city, United States Passaic (pəsā`ĭk), city (1990 pop. 58,041), Passaic co., NE N.J., a port on the Passaic River; settled 1678 by Dutch traders as Acquackanonk, named Passaic 1854, inc. as a city 1873. counties, has consistently been one of the lowest vacancy areas in the nation, recent employment trends could alter current demand-side expectations. "Investors continue to demonstrate their preference for apartment properties in Northern New Jersey," states Michael J. Fasano, regional manager Of Marcus & Millichap's New Jersey office. "Deal flow has picked up recently, and should remain at a healthy level in the months ahead." Among the most significant aspects of the Northern New Jersey Apartment Research Report, it was noted that employers are expected to add 10,600 jobs, a 0.6% gain and an increase from 9,100 positions in 2006. Developers are expected to complete 2,000 rental units this year, up from 1,120 units in 2006 and the vacancy rate is forecast to remain unchanged this year at 4%. Asking rents are expected to increase 3.2% this year to $1,454 per month. Monthly effective rents appear on track to rise 3.1% to $1,391, yielding concessions equal to 4.3% of asking rents. Consistent renter demand and a reasonable rate of value appreciation will continue to attract buyers to the Northern New Jersey market in the months ahead. |
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