Average Rents Nationwide Increase
New Jersey rents hit the average of $1,355 in 2018.
It wasn’t a straight line up, but rather one-bedroom and two-bedroom apartments went down in price during the summer but then rebounded for the rest of the year. Most likely this is the result of a lot of renters jumping into the real estate market to purchase their first home.
In general, many of the hot markets such as Washington, North and South Carolina, and New York went down but the majority of states climbed higher, including Connecticut, New Jersey, Pennsylvania and Virginia. Texas also increased.
The trend for 2019 will continue to be a positive one. According to CoreLogic, the economic growth trend will continue to improve, showing 2019 to be the best year for employment in nearly half a century.
We are currently in the midst of one of the longest economic expansions in U.S. history based upon business cycles going back over 160, according to CoreLogic.
U.S. GDP for 2018 looks like it will come in at 3.1%, and even though it will slow somewhat in 2019, it is expected to be at least 2.4%.
The economic growth continues to impact the real estate markets but not as much as the inventory shortage has done over the last two years.
In general home prices will increase over the next 12 months by 3 to 4% as long as the economy remains stable.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400. Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.