The latest RENTCafé study shows that during the last decade, 2.34M apartments were delivered in the US, a boom comparable to that of the 1980s. While 2017 culminated with an impressive 331,765 apartments delivered, construction has been slowing down since then, and projections for 2019 stay a bit under 300K.

Jersey City is neck and neck with Manhattan in the race for most apartments to be delivered in the tri-state area.

Here are a few highlights on construction development in New Jersey:

–          Jersey City is seeing some serious development this year, as it’s planning to deliver 2,111 new apartments, directly competing with its counterpart in NY – Manhattan (2,143).

–          Besides Jersey City, Hudson County is also getting fuel from Bayonne, where 663 new units are about to enter the market this year.

–          Hackensack is planning to deliver 488 units, while New Brunswick predictions point towards 388 units.

To see how other markets are developing this year and compare them to the New York metro, you can access the whole study here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2019/