hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | June 28, 2019

Hoboken & Jersey City Real Estate Trends | June 28, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Next week we will take a look at what happened over the first 6 months of the year in our areas but for this week I thought we would shift focus and take a look at the rental market.

Due to the somewhat transient nature of our area the rental market has always been very active , with a lot of options. From small studios in walk ups to high end, full amenity buildings there is something for everyone and for every price range.

If you are planning on renting be prepared. Most rentals will require a credit check and will also require proof of employment, either in the form of a letter from your company or previous paystubs. Although not a hard and fast rule, the standard income requirement is 30 times the rent.  For example, if your rent is $1000 per month you should earn at least $30,000 per year. Please let your real estate agent or potential landlord know if you have a pet. Not all buildings are pet friendly.

Here’s a look at what is available and the average cost of rentals in the different areas we cover.  Please note, these numbers are from the Multiple Listing Service.  Not all rentals are on the MLS, and this does not include rentals from the managment companies.<

Hoboken:
1 bedrooms:
There are 71 one-bedroom units with an average rent of $2,649.
2 bedrooms:
There are 86 two-bedroom units with an average rent of $3,369.
3 bedrooms:
There are 35 three-bedroom units with an average rent of $4,887.
4+ bedrooms:
There are 11 four-bedrooms units with an average rent of $5,374.

Downtown JC:
1 bedrooms:
There are  77 one-bedroom units with an average rent of $2,560.
2 bedrooms:
There are 60 two-bedroom units with an average rent of $3,449.
3 bedrooms:
There are 20 three-bedroom units with an average rent of $4,678.
4+ bedrooms:
There are 5 four-bedrooms units with an average rent of $5,967.

The Heights:
1 bedrooms:
There are 29 one-bedroom units with an average rent of $1,718.
2 bedrooms:
There are 52 two-bedroom units with an average rent of $2,064.
3 bedrooms:
There are 51 three-bedroom units with an average rent of $2,371.
4+ bedrooms:
There are 7 four-bedrooms units with an average rent of $3,602.

Journal Square:
1 bedrooms:
There are 36 one-bedroom units with an average rent of $1,716.
2 bedrooms:
There are 49 two-bedroom units with an average rent of $2,115.
3 bedrooms:
There are 28 three-bedroom units with an average rent of $2,490.
4+ bedrooms:<
There are 11 four-bedrooms units with an average rent of $2,566.

Bergen-Lafayette:
1 bedrooms:
There are 7 one-bedroom units with an average rent of $1,610.
2 bedrooms:
There are 16 two-bedroom units with an average rent of $1,961.
3 bedrooms:
There are 21 three-bedroom units with an average rent of $2,239.
4+ bedrooms:
There are 4 four-bedrooms units with an average rent of $2,462.

(Information provided by Hudson County MLS)

CLICK HERE to learn more about these and other properties…
CLICK HERE to find out how much your property is worth in today’s market…

Mortgage Market in Review:

Total mortgage application volume increased 1.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 40% higher than a year ago, largely because lower mortgage rates are strengthening the refinance market.

Rates have fallen in three of the last four weeks and are now at the lowest level since September 2017. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.06% from 4.14%, with points decreasing to 0.35 from 0.38 (including the origination fee) for loans with a 20% down payment. That is 78 basis points lower than a year earlier.

This coincided with the Federal Reserve saying last Wednesday that it does not expect any rate cuts this year, but did forecast one for 2020.

CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy.

ALSO OF INTEREST:
Whole Foods Weekhawken Announces Opening Date (JerseyDigs)

Rental Red Flags (realtor.com)

International Youth Soccer Tournament in Hoboken

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence 2015-2017, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.