A press release issued by Gebroe-Hammer reports record low vacancy rates within the Middlesex, and Monmouth counties of New Jersey.
The company cited that markets including East Middlesex, Bradley Beach, Perth Amboy, Eatontown and Neptune are areas that continue to attract investment.
The press release cited that there are over 177,000 apartment units within this central New Jersey metro area. According to the press release, the region has a historically stable occupancy rate which is projected to exceed 97% through 2022. This positive trend is expected to see a modest increase for rents within the region.
Generally speaking, the Central Jersey region has limited tracts of land for potential new construction, and those that are available are being purchased now at a speedy rate.
Certain towns, such as Bradley Beach about a mile south of Asbury Park, recently sold a multi-unit property that was just one block from the oceanfront. The units contained studios, one and two-bedroom units. One of the features that Bradley Beach offers is its dedicated New Jersey Transit railroad station.
According to the press release, the vacancy rate within this Shore submarket is around 2.7% and it is expected to shrink further by the end of 2019 to 2.5%. Rents are expected to increase by 1.5% in 2018 and potentially going to rise by 2.2% and 2.0%, respectively for the years 2019 and 2020.
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.