The rental housing market is thriving in Hudson County, N.J., the New York Times reported.
Hudson County, the Garden State’s smallest county, is the one place where builders “can still get the economics to work,” David Barry, the president of Hoboken-based Ironstate Development, told the Times.
“You have to add in the fact that multi-family rentals seem to be the only thing for which builders can get a construction loan from lenders these days,” Barry said, noting that that was keeping the rental market frothy.
Most market reports put vacancy in the county between 3 and 4 percent, and a number of new projects are expected to open in the coming years. In Jersey City, the Manhattan Building Company is at work on a 20-story residential tower, and Fields Development is working on a 131-unit luxury rental in Paulus Hook. In Hoboken, the Advance Realty Group is building a 140-unit rental called Willow14, scheduled for completion in early 2013, the Times said. [NYT]