Hartz Mountain Industries reported that it has rented more than 70 percent of a new 250-unit rental property in Cranford, attributing this demand for upscale apartments to a number of factors. The project, Fairways at Cranford, began renting in early 2025 after the firm redeveloped the site of the former office property at 750 Walnut Ave. The range of price for these apartments goes from $2,400-$3,900 a month.
While easing interest rates may have reactivated buyer interest statewide, starter-home inventory remains very tight. One issue facing new buyers is the general appreciation of property values. Price appreciation over the past several years has pushed required down payments higher and made ownership increasingly difficult to access.
The median sales price for a single-family home back in November 2022 was $650,000; today the median sales price stands at $765,000. As market conditions recalibrate to lower interest rates, affordability continues to thwart renters who are being forced to rent rather than buy. Fairways at Cranford provides a housing solution when entry-level inventory and higher upfront costs limit options for many would-be buyers. This dynamic is keeping many potential buyers in the rental market longer than they anticipated.
Located adjacent to Hyatt Hills Golf Course, Fairways at Cranford offers a mix of luxury one- and two-bedroom units, along with amenities such as a fitness center, resident lounge, landscaped outdoor areas and on-site parking.
Factors impacting the market
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Interest-rate fluidity.
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A shortage of starter homes
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High cost of construction.
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Continued purchase of properties by investors and investment groups.
Competition from corporations
Corporate homeownership of small residential properties has climbed steadily across New Jersey as investors target lower-priced communities with higher renter shares. One Rutgers University report found that corporate ownership of 1- to 4-unit homes more than doubled between 2012 and 2022, with many of these properties held by LLCs, cutting into the already limited supply of affordable homes that could be purchased by lower-income individuals or families.