North Jersey Emerges as Northeast’s Most Competitive Rental Market
Manhattan has rejoined the top competitive markets for the first time since the pandemic, while Brooklyn continues to have a strong presence in the rankings. At the same time, North Jersey has emerged as the most competitive market in the Northeast, ranking 3rd nationwide, according to the latest Competitivity Report from RentCafe.
North Jersey, spanning areas like Jersey City and Newark, faces an undersupply issue, with 71.4% of lease renewals pushing the occupancy rate to 96.3%. Brooklyn, with insufficient new apartments, has a peak-season occupancy rate of 96.1%, with nine renters per vacant unit.
In Manhattan, 66% of renewed leases result in an occupancy rate of 94.7%, with nine renters competing for each available unit. Manhattan’s economic revival and returning office workers are set to intensify rental competition in the coming months.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.