NJ Rental Market Will Continue To Surge On Wings Of Economic Uncertainty

By Antoinette Martin / Globe St

NJ Rental Market Will Continue To Surge

NJ–Vacancies down. Rents up. Investor interest way up. That is real estate firm Marcus & Millichap‘s prediction through the end of 2012 for the New Jersey multifamily market– despite the fact that construction is also way up and the economy is unpredictable……

M & M’s Jersey office report laid this to continuing uncertainty in the residential for-sale market, stemming from overall economic uncertainty and the rising tide of home foreclosures in the state. After the hold on court foreclosure actions following the “robo-mortgage-signing” scandal was lifted this year, foreclosure rates have risen sharply.

“In Bergen County, for instance, the number of residents facing foreclosure surged by 79 % in the last 12 months, while actions doubled in Essex and Passaic counties,” the report noted.Read The full Article on www.globest.com