Showing posts with label nj. Show all posts
Showing posts with label nj. Show all posts
Wednesday, May 5, 2010
Apartment Renting Can be Fun
It's hard to think of renting an apartment being fun, but it can be. Sure, there are the different issues that come up, be it with apartments in Far Rockaway, finding an apartment rental in New Jersey, looking for the best North Jersey apartments or just wanting to get a lauderhill apartment for rent in South Florida. This can be done by envisioning yourself in the rentals and then picturing all of your furniture in it. Plus you can even be friendly and speak with the neighboring rental units to get a better feel of the area.
Sunday, March 21, 2010
The New Jersey Apartment Rental Market in 2010
As with all future predictions, the future is unknown. The best we can do is guesstimate what will be. The rental market is tied to the real estate market with some caveats. This is true in New Jersey, Florida and nationwide.
Apartments for rent that are single family houses can have a different trend than apartment complexes, garden apartments or apartment buildings. If the general trend in real estate is downward which is caused by higher interest rates then the apartment complex owners will be more vulnerable because they need to redo their commercial mortgages and they need to keep the occupancy high. This can cause a downward trend in the apartment rental prices, due to this financial pressure.
If, on the other hand, the pressure is from abundant real estate this can cause more pressure on single family apartment rentals because less people are looking to rent an apartment. In New Jersey, so far, the pressure is on the abundance of available real estate. But what's interesting in today's New Jersey Market (and elsewhere) is the difficulty to get mortgages, even though the rates are very competitive. This can cause a steep decline in rental rates in New Jersey and beyond.
Apartments for rent that are single family houses can have a different trend than apartment complexes, garden apartments or apartment buildings. If the general trend in real estate is downward which is caused by higher interest rates then the apartment complex owners will be more vulnerable because they need to redo their commercial mortgages and they need to keep the occupancy high. This can cause a downward trend in the apartment rental prices, due to this financial pressure.
If, on the other hand, the pressure is from abundant real estate this can cause more pressure on single family apartment rentals because less people are looking to rent an apartment. In New Jersey, so far, the pressure is on the abundance of available real estate. But what's interesting in today's New Jersey Market (and elsewhere) is the difficulty to get mortgages, even though the rates are very competitive. This can cause a steep decline in rental rates in New Jersey and beyond.
The Rental Market in the U.S.
In relation to the general real estate market there is a general parasitic relationship between the real estate purchasing and apartment rentals. When the sales market is strong, and everyone is buying, the general rents that apartments can go for decline. As sales go down, and less people are buying, then then the rents on apartments go up.
People need a place to live, as such, there are only two options: to buy or to rent. This is true on a national, regional and local level but the effects are different per region. As housing grows scarce people will rent more and that will push the rentals to be more expensive. As housing grows more abundant the prices will trend downward and make purchasing more beneficial than renting an apartment.
People need a place to live, as such, there are only two options: to buy or to rent. This is true on a national, regional and local level but the effects are different per region. As housing grows scarce people will rent more and that will push the rentals to be more expensive. As housing grows more abundant the prices will trend downward and make purchasing more beneficial than renting an apartment.
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