4 ms·
Jersey City here. We're building 10,000 new apartments a year but everything is full and rents are up again this year, its probably 20-30% higher than pre-covid
by rr888 4y ago
Jersey City here. We're building 10,000 new apartments a year but everything is full and rents are up again this year, its probably 20-30% higher than pre-covid. The new construction has just attracted new crowds, it hasn't helped.
- __derek__ 4y agoWouldn't that suggest that the development is lagging existing demand? Jersey City seems like a prime spot for spillover demand from Manhattan, so I'd probably expect that cycle to continue until it reaches parity with similar neighborhoods.
- sfe22 4y agoIf that is the case the new crowds old location dents are getting lower.
- dangwhy 4y agoDidn't happen with real estate. Big city real estate values went up too despite all the talk of wfh migration from cities.
- phendrenad2 4y agoIf you look at the actual numbers, a tiny, tiny number of people moved out of the cities during wfh. It's been massively overblown by the news because that's what the news does, blow any tiny story out of proportion for ad revenue. "Man bites dog" etc.
- ihm 4y agoNope, could be a lot of people are just leaving or apartments are being kept vacant at high asking rents.
- bell-cot 4y ago> The new construction has just attracted new crowds, it hasn't helped. Quip: If it was actually the new construction that attracted the new crowds, then there would be a whole lot more apartments out in rural cornfields.
- pas 4y agohttps://www.slowboring.com/p/induced-demand https://www.slowboring.com/p/induced-demand
- phendrenad2 4y agoIt HAS helped, because those residents had to move away from somewhere to live in those shiny new units. Any time you build housing, you're helping. And we need to keep building housing, because the population is increasing.