hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 15, 2021

Hoboken & Jersey City Real Estate Trends
January 15, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Last week we discussed the current market trends for buying and selling in our area and the impact COVID-19 has had on our markets. This week we are looking at the significant impact the pandemic has had on the rental market.

Across the board, we have seen a decrease in rental prices. On average, rents are down between $200-$300 per month for all units. At the end of the summer, we had a whopping 810 units listed for rent in Hoboken alone on the MLS—almost twice the number we normally see. A lot of people simply chose not to renew their leases as many younger renters chose to spend quarantine in their family homes, which provide more space and allow them to save money rather than pay rent. Meanwhile, working remotely and bar/restaurant closures meant the need to have an easy commute and proximity to nightlife, etc. was no longer a consideration.

On top of lower rental prices, tenants are being offered other incentives such as no-fee rentals and “one free month.” Some of the larger managed buildings are offering up to two months free rent. This is calculated as a “net effective,” which can be confusing, but it is basically the total gross rent for the entire term of a lease divided by every month period, including free months or other promotions. So if you see something offered with a “net effective” price, just know that you will probably be paying a higher monthly rental amount but you will get the last month (or 2) free.

It is going to take some time for the rental market to go back to pre-COVID numbers. If you are considering renting in the area or upgrading to a larger unit, now is the time to take advantage of the numerous incentives on offer.

Here’s a look at the average rental prices currently on the Hudson County MLS (Multiple Listing Service)

HOBOKEN:
Studio / 1-Bedroom Condos:
Average rent is $2,129 per month.
2-Bedroom Condos:
Average rent is $2,695 per month.
3-Bedroom Condos:
Average rent is $3,932 per month.

DOWNTOWN JERSEY CITY:
Studio / 1-Bedroom Condos:
Average rent is $2,171 per month.
2-Bedroom Condos:
Average rent is $2,957 per month.
3-Bedroom Condos:
Average rent is $3,656 per month.

JERSEY CITY HEIGHTS:
Studio / 1-Bedroom Condos:
Average rent is $1,547 per month.
2-Bedroom Condos:
Average rent is $1,879 per month.
3-Bedroom Condos:
Average rent is $2,607 per month.

(Information provided by Hudson County MLS)

ALSO OF INTEREST:

Jersey City to Launch COVID-19 Rent Relief Program (JerseyDigs)

Assemblywoman Chaparro Pushes Small Business Relief Program (TAPinto Jersey City)

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As an award-winning agent, Ann Wycherley brings nearly 20 years of solid real estate experience in the Hudson County market. She has been recognized by the New Jersey Circle of Excellence for many of those years and recently earned a Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club, Direct and thorough, Ann’s straightforward approach to navigating the complexities of real estate in Hudson County has fostered strong working relationships with repeat clients and countless referrals from those who are looking to get the most out of buying or selling their home.

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