The supply wave of new apartments hitting Northern New Jersey through 2025 includes around 14,400 multifamily units that are under construction. Overall renter demand is expected to be resilient, with the average occupancy rate for the region expected to remain near 95% through next year, though pockets of lower occupancy are building beneath the headline numbers.
Northern New Jersey’s Multifamily Market Is Saturated With Luxury Apartments
Urban Areas Bear the Brunt of New Supply As Competition for High-Earning Renters Intensifies
By Mateusz Wnek
CoStar Analytics
September 28, 2023 | 4:54 P.M.
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