Newark Construction at All-Time High
Despite demand headwinds brought on by the COVID-19 health crisis, the Newark-Jersey City apartment market has more units under construction than ever recorded. With one of the nation’s most dramatic increases in apartment building activity, nearly 30,000 units are under way in Newark-Jersey City, with about 20,000 apartments scheduled to complete in 2021 alone. That’s nearly three times the volume of stock completed in 2020. A big portion of this construction activity is focused on a handful of neighborhoods boasting a short commute to Manhattan. In 2021, over 7,000 units are expected to come online in Jersey City. Meanwhile, submarkets set to get more than 2,000 units each in 2021 include Hoboken/North Hudson County, Bergen County and Union County.