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Article: Report shows scarcity of N.J. affordable housing.(NEW JERSEY)(Report)
- Article from:
- Real Estate Weekly
- Article date:
- June 4, 2008
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With a shortage of affordable housing in the entire region, apartment properties in Northern New Jersey will perform well in the months ahead, despite the effects of sluggish employment growth on household formation, according to a first-quarter Apartment Research Report by Marcus & Millichap. The marketwide vacancy rate is currently in the mid-3% range, and rents are rising by more than 4% annually, exceeding the rate of growth in most other markets.
"Assets with attractive assumable financing should move quickly if they are priced commensurate with underlying fundamentals," says Michael Fasano, regional manager of the New Jersey office of Marcus & Millichap.
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