The latest Competitivity Report from RentCafe reveals that North Jersey, specifically areas like Jersey City and Newark, has emerged as the most competitive market in the Northeast and ranks 3rd nationwide. This is due to an undersupply issue, with 71.4% of lease renewals leading to a high occupancy rate of 96.3%. Similarly, Brooklyn continues to have a strong presence in rental competition with a peak-season occupancy rate of 96.1%, despite facing insufficient new apartments.
In Manhattan, which has rejoined the top competitive markets for the first time since the pandemic began, renewed leases result in an impressive occupancy rate of 94.7%, with nine renters vying for each available unit. The economic revival and return of office workers are expected to further intensify rental competition in Manhattan over the coming months.
Overall, it is clear that North Jersey and New York City’s boroughs are experiencing significant growth in rental competitiveness post-pandemic according to RentCafe’s report.
