Multifamily rental construction in New Jersey is on the rise
JANUARY 29, 2015, 11:28 PM LAST UPDATED: THURSDAY, JANUARY 29, 2015, 11:33 PM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD
As homeownership rates continue to drop, multifamily construction is surging in New Jersey — making 2014 the busiest year for home building since the prerecession year of 2006, and perhaps signaling an end to the age of sprawling single-family construction in the state.
Builders started more than 28,000 housing units in New Jersey last year, up 16 percent from 2013 and more than double the deep lows seen during the worst years of the housing bust, the U.S. Census Bureau reported.
Multifamily activity — primarily rentals, led by the Bergen and Hudson Gold Coast — made up more than 61 percent of home construction last year, evidence of new development patterns in the state that are expected to continue into 2015 and beyond. Nationally, multifamily construction accounted for about a third of housing starts in December, a share that also has risen in recent years.
Boosting rental construction has been the demand from young people, who find it difficult to buy single-family homes because they are facing high student debt and tight mortgage standards, and who are drawn to urban, pedestrian-friendly settings.
“Multifamily in 2014 set an all-time record in terms of its share of residential construction undertaken, in records going back to 1960,” said Patrick O’Keefe, an economist with CohnReznick, an accounting firm with offices in Roseland.
Six years from now the above photo will be a reality in Ridgewood……not much you can do about it folks…..and then it will burn to the ground a la Edgewater construction and the fabulous abilities of the “saved another basement” RIDGEWOOD Fire department. Hold on to your hats.
WOW #1 You need to chill out.
Yes, chill out…..how very adult of you.
It’s frickin morons like you Mr. Chill out that developers, municipal union thugs and politicos depend upon to further their agenda while you “chill out” . and leave the real work to the rest of us.