Apartment project groundbreakings across New Jersey peaked in 2022 as developers, backstopped by rock-bottom interest rates, pursued projects in densely populated Hudson and Essex counties. These two areas accounted for 54% of all construction starts two years ago, ultimately delivering thousands of transit-oriented units catering to renters seeking out the convenience of public transportation.
In New Jersey, multifamily developers begin hitting the brakes
Easing supply pressure, positive demand backdrop could support rent growth
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