A Hopeful Sign For NJ Renters & Home Buyers
Q: Gerald, I am a realtor and it seems like it’s harder and harder to find residential units to buy and rent for my clients. Is there anything that can change that? Jessica, Mahwah, NJ
A: Although residential rents and home pricing continue to climb at the moment, a cooling in the office market due to several factors including increased remote working has resulted in a higher supply of unused office space. The glut of office space has created an opportunity to create additional multi-family residential housing. In NJ, there are over 8 million square feet of office conversions in the pipeline for repurposing into residential, mixed-use and industrial space. Some municipalities have been better than others in adapting to current market demand realities by changing archaic zoning arrangements. This is a hopeful sign that I expect will increase residential housing supply both for renters and for buyers. Thanks for your question, Jessica.
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