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Re: How will new high rises affect the rental market?
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Home away from home
 
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Disagree. The places I'm referring to include: Word bookstore/cafe Roman Nose Monty's public house downtown yogurt two boots left bank burger bar 3rd and vine union republic the raven boutique pig and pepper tittlemouse and co. consignment gia gelato Merseles studios ...and that's just off the top of my head I will also add that i think the new rentals will affect the brownstone/old construction rentals differently because of one word: amenities. The "charm" of 1930s electrical systems in brownstones wears off quick and isn't necessarily compensated for with those cute exposed brick walls. Compare that to a place with washer/dryer/dishwasher in unit, elevator, gym in the building, skyline views, closer to transit options, etc. and I don't think people are going to pay the same rent for say a 1500 sq. foot brownstone apt. in the Village vs. a 1500 sq. foot (or even 800 square foot) luxury condo.
Posted on: 2014/6/26 12:43
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Re: How will new high rises affect the rental market?
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Home away from home
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I work in the insurance industry, and several large brokerages, reinurance operations and carriers are also opening up shop at the waterfront, or like my company, are already in midtown or lower Manhattan, or both. While they do not pay quite as well as investment banks, they still pay upper class salaries. I know a lot of colleagues looking to move into JC for the QoL and easy access to work. This will help stabilize any down pressure to rents from finance busts.
Posted on: 2014/6/25 18:34
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Re: How will new high rises affect the rental market?
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Home away from home
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yeah i agree, all those are luxury rentals that they will price at the higher end of the price range, just like the monaco towers, and they still rented out.
There maybe some short lived 1 month free incentive but dont expect much price changes. The downtown jc rental market being so close to nyc will only see a a material impact from wall street / economy tanking like during 2007-2009. Rent went down 10-20% during that time, but then zapped right back higher as the financials stabilized.
Posted on: 2014/6/25 15:14
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Re: How will new high rises affect the rental market?
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Just can't stay away
 
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2009/8/10 19:53 Last Login : 2015/2/25 18:50 From corner of van vorst and vienna
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Really appreciate all these thoughtful replies -- thank you.
Posted on: 2014/6/25 15:01
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Re: How will new high rises affect the rental market?
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Home away from home
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With the WTC Freedom Tower coming online this year I would expect an increase in demand for the luxury apartments near the PATH. Typically these new highrise developers will offer attractive incentives to get people in and then jack up the rents after the first year. I would predict that overall rents will continue to rise in proportion to NYC/BK rents.
Posted on: 2014/6/25 14:33
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Re: How will new high rises affect the rental market?
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Home away from home
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Too bad it's all Tacos, Pizza and Burgers.
Posted on: 2014/6/25 14:02
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Re: How will new high rises affect the rental market?
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Home away from home
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Yeah once the change starts it gains momentum. The number of new stores and restaurants opening on Newark Ave this year is like double the rate from last year. Same with overall # of restaurant openings in DTJC.
Posted on: 2014/6/25 13:04
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Re: How will new high rises affect the rental market?
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Home away from home
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You've seen how much downtown has changed, not only in the last 10 years, but in the last 2-3. I wouldn't be so quick to discount the claims, even if they are a bit old.
Posted on: 2014/6/25 3:47
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Re: How will new high rises affect the rental market?
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Home away from home
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Yeah, but ground has actually broken on one large development in the actual Square itself, with two more starting before next year. It will remake the area in less than four years.
As a person who lives in the neighborhood, even the last two years have brought a different type of resident. More NY employees, more hipsters. A bigger gay community. A few artists even.
Posted on: 2014/6/25 2:42
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Re: How will new high rises affect the rental market?
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Home away from home
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Just for perspective: JSQ has been up and coming for well over 10 years.
Posted on: 2014/6/25 1:52
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Re: How will new high rises affect the rental market?
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Home away from home
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2013/10/15 19:58 Last Login : 2015/12/30 14:17 From Paulus Hook
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Rent increases will slow down for a while as new buildings open, but I doubt they fall any time soon. The new buildings will mainly draw new residents to Jersey City rather than pull from current residents, though there will be some churn, but that includes people who otherwise would have moved to elsewhere in Jersey City.
Posted on: 2014/6/25 1:48
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Re: How will new high rises affect the rental market?
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Home away from home
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Personally, I know far more people with the exact opposite view, preferring the older, "warmer", brownstone type neighborhoods. To each their own, but I don't think your projection will be borne out.
Posted on: 2014/6/25 1:09
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Re: How will new high rises affect the rental market?
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Home away from home
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Based on what I am seeing, I would only expect the opposite. The extra capacity being added is priced higher and higher, leading to an overall rise in rents for all of DTJC. The additional housing stock (supply) is not going to lead to lower rents because the demand (people being priced out of Manhattan, or Brooklyn, plus new arrivals to the area) has continued to rise.
Posted on: 2014/6/25 1:06
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Re: How will new high rises affect the rental market?
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Home away from home
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I think the increased supply will lower rents, actually - but not across the board. I think the luxury condos will remain similarly priced to stay competitive with each other. But I think that older construction, like brownstones and smaller residential units (like 2-3 family homes), will go down in price (at least for rental units). When we found our place 4 years ago, our realtor told us that many of her clients prefer new construction only, I imagine the # of people moving here with that view is only going to increase.
Posted on: 2014/6/25 1:00
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Re: How will new high rises affect the rental market?
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Home away from home
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We are about 12 years behind Manhattan in terms of pricing. If you want to see where rents and housing prices in JC will be in 12 years look at current rents and housing prices in Manhattan.
Posted on: 2014/6/25 0:55
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Re: How will new high rises affect the rental market?
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Home away from home
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Yep. J SQ is very up and coming, and within a few years will be full of real food and shopping options. Buy Just south of it, between Baldwin and Kennedy, or rent if you must. But if you want to remain anywhere desirable in town, be prepared to be invested.
Posted on: 2014/6/24 23:17
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Re: How will new high rises affect the rental market?
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Home away from home
Joined:
2013/4/22 23:08 Last Login : 2015/3/10 21:37 From The Heights.
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Nope. Most of the new building are just luxury. Only option is to move further west. Don't be afraid of moving to the Heights or J.sq, I have been seeing load of people moving into the Heights.
Posted on: 2014/6/24 23:12
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Re: How will new high rises affect the rental market?
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Home away from home
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Doubtful. We're not a closed market, there's pressure from across the country and world on the NYC Metro housing market, building some more units in that context will not lower local prices any more than building roads reduces traffic. Buy in the Heights or some other upcoming nabe if you can afford to, buying is the only way to stay stable in a moving market. All the renting v. buying calculations rarely take getting priced out of your neighborhood into account.
Posted on: 2014/6/24 21:57
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How will new high rises affect the rental market?
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Just can't stay away
Joined:
2009/8/10 19:53 Last Login : 2015/2/25 18:50 From corner of van vorst and vienna
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Our rent keeps going up, and we're not sure how much longer we can afford to stay in downtown JC.
But what about all those high rises being built? Will they wind up lowering rents?
Posted on: 2014/6/24 21:24
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