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Re: 60% of new construction rentals are leased to existing JC residents
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Some of the incentives are quite substantial.

I don't know if they're still doing this, but 70 Columbus was asking in the $1900's/month for studios; that's a sizable (15-20%) discount over what its 7-year-old neighbor to the east (50 Columbus) had been charging for the same sized space. That discount amounts to just under $5k for the first year and $10k for a two-year lease (which has been offered at 70).

Posted on: 2016/1/7 5:27
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Re: 60% of new construction rentals are leased to existing JC residents
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devilsadvocate wrote:
Quote:

Voyeur wrote:
Yesterday I was reading a blog post from Jersey Digs on the upcoming real estate development for 2016 and one section jumped out at me:

"According to The Marketing Directors leasing records, only about 60% of leasing activity in the new buildings are current Jersey City residents. The other 40% are new residents from outside Jersey City including a large chunk from from Manhattan and Brooklyn."

Although I haven't been able to access the report they are referring to, I was genuinely surprised by this number. Are existing folks already living in town really accounting for 60% of the people moving into all this new construction?

I had long assumed that it was mostly NYC refugees paying these outrageous rents, precisely because they would only look reasonable to someone coming from across the river. I had thought that citizens already living here would balk at paying those kind of prices. And the many threads on gentrification on this board seem to confirm those assumptions.

These numbers sound way off to my ears, thought I'd put it out there and see what y'all think...


Well, you can look at this in two ways: percentage of those leasing new construction and overall aggregate impact. In other words - if you look at people who lease luxury housing, they usually only lease for 1-2 years and the management companies try to jack rent an unreasonable amount, hoping people will pay rather than stay (and offering nice "incentives" for new tenants that renewals don't get). Newport is a great example of this. People are always excited about "new", and in particular this segment, so people are choosing new options over extending existing leases, which isn't surprising.

But overall, that leaves behind units that get filled by someone and natural growth for JC is pretty slow. Which means that ultimately, I suspect that pretty much each additional unit results in a net gained person from somewhere else, even if most of the units themselves are directly leased by existing residents.



I think you meant to say that people will rather leave than stay and pay.

And, it is exactly what devilsadvocate explained: a lot of the new buildings get people chasing the incentive rents. It's silly, because moving can cost a lot of money, not to mention the stress/mental fatigue of having to pack up (and, unpack) your life every 12 months. If you look at JC The One and The Morgan, you will find many refugees from The ArtHouse JC, and I am sure many others from other new buildings.

Posted on: 2016/1/6 22:57
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Re: 60% of new construction rentals are leased to existing JC residents
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Quote:

Voyeur wrote:
Yesterday I was reading a blog post from Jersey Digs on the upcoming real estate development for 2016 and one section jumped out at me:

"According to The Marketing Directors leasing records, only about 60% of leasing activity in the new buildings are current Jersey City residents. The other 40% are new residents from outside Jersey City including a large chunk from from Manhattan and Brooklyn."

Although I haven't been able to access the report they are referring to, I was genuinely surprised by this number. Are existing folks already living in town really accounting for 60% of the people moving into all this new construction?

I had long assumed that it was mostly NYC refugees paying these outrageous rents, precisely because they would only look reasonable to someone coming from across the river. I had thought that citizens already living here would balk at paying those kind of prices. And the many threads on gentrification on this board seem to confirm those assumptions.

These numbers sound way off to my ears, thought I'd put it out there and see what y'all think...


Well, you can look at this in two ways: percentage of those leasing new construction and overall aggregate impact. In other words - if you look at people who lease luxury housing, they usually only lease for 1-2 years and the management companies try to jack rent an unreasonable amount, hoping people will pay rather than stay (and offering nice "incentives" for new tenants that renewals don't get). Newport is a great example of this. People are always excited about "new", and in particular this segment, so people are choosing new options over extending existing leases, which isn't surprising.

But overall, that leaves behind units that get filled by someone and natural growth for JC is pretty slow. Which means that ultimately, I suspect that pretty much each additional unit results in a net gained person from somewhere else, even if most of the units themselves are directly leased by existing residents.


Posted on: 2016/1/6 21:05
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60% of new construction rentals are leased to existing JC residents
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Yesterday I was reading a blog post from Jersey Digs on the upcoming real estate development for 2016 and one section jumped out at me:

"According to The Marketing Directors leasing records, only about 60% of leasing activity in the new buildings are current Jersey City residents. The other 40% are new residents from outside Jersey City including a large chunk from from Manhattan and Brooklyn."

Although I haven't been able to access the report they are referring to, I was genuinely surprised by this number. Are existing folks already living in town really accounting for 60% of the people moving into all this new construction?

I had long assumed that it was mostly NYC refugees paying these outrageous rents, precisely because they would only look reasonable to someone coming from across the river. I had thought that citizens already living here would balk at paying those kind of prices. And the many threads on gentrification on this board seem to confirm those assumptions.

These numbers sound way off to my ears, thought I'd put it out there and see what y'all think...

Posted on: 2016/1/6 20:42
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