With its vast wealth, proximity to the sea, and diverse economy, New Jersey has become the epicenter of real estate speculation.
But the state’s rental market, as a whole, is starting to fall behind some of its neighbors.
The real estate industry, which is largely a family business, has grown as home sales and inventory have plummeted.
This has been compounded by the national housing market, which has seen many states like New Jersey fall into recession.
But for now, it seems that New Jerseyans are still renting their homes out for years.
The vacancy rate in New Jersey is about 1 percent, according to the National Association of Realtors.
This is far lower than many other states, and far higher than the national rate of 2.4 percent.
“It’s a very tight market right now,” said Michael Daley, vice president of research for RealNetworks, a real estate research firm.
In 2016, New Brunswick’s vacancy rate was just 3.4.
As long as the supply of homes is there, it’s a good deal for the city, but if there’s no demand, then it could become a rental market as well, said Daley.
“I think the real estate market is going to be there for a while, but there’s definitely a long way to go before we see that,” he said.
For the first time in over a decade, the city of Brunswick, New York, is looking to sell homes.
Brunswick Mayor Mark Johnson said he hopes to sell off some of the town’s homes before the end of the year, but he’s not looking to break the bank.
“We don’t need to spend a lot of money.
We can afford to do that,” Johnson said.
He’s already talked to several potential buyers.
The realtor said the current rental market is a big reason why the city is looking for a buyer.
“It’s going to take a lot to keep the market going for as long as it’s going,” said the realtor, who asked to remain anonymous.
Rental prices in New York and across the country are now in the mid-20s.
While the city’s real estate is slowly moving into the red, some of that money may be going to help fund local programs, including a $4.8 million budgeted for a new housing grant program.
New Jersey, like many other parts of the country, is seeing the housing market slow down as demand from the rest of the nation picks up.
The housing market has slowed in New Brunswick because of the national economic downturn.
However, in the short term, the rental market could still recover.
Daley believes that New York’s market could rebound, if the state gets a good housing recovery in the next few years.
“As the economy picks up, and people have more money to spend, then the rental housing market is still going to rebound,” he explained.
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