A Hopeful Sign For NJ Renters & Home Buyers

Performance Property Real Estate Question

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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