Developers Responding To High Demand For Rentals

Posted by: Christian Madera
Thanks to: Debra Varnado

31 July 2006 - 8:00am

With the condo craze mostly played out, developers in New Jersey are starting to build new for-rent apartments to meet the increasing market demand.

With condominium construction occupying center stage in most developer's portfolios in anti-sprawl New Jersey, rental properties have largely been ignored.

"Now, it seems, rental apartment buildings are emerging from wallflower status and may be headed for a stint as prom queen."

"In affluent Saddle Brook, in Bergen County, the Value Group is building nearly 200 rental units in the downtown area, where rentals have been virtually unknown."

Full Story: For Rent: The Hottest Form of Housing

Source: The New York Times, July 30, 2006