Looking to make a real estate investment? Consider buying a multi-family property in Jersey City. Commercial brokerage Gebroe-Hammer Associates says that multi-family properties in Jersey City have appreciated about seven percent in the past twelve months. The reason for the fast appreciation? Credit the perfect storm of circumstances currently underway – high and still rising rental costs in Manhattan and now Brooklyn, tons of waterfront development in Jersey City, and of course, the always expanding gentrification.
“Jersey City is right behind Brooklyn in terms of gentrification and its impact on the tenant demographic and accelerating property values and asking rents,” says Nicholas Nicolaou, senior vice president and the firm’s Hudson County market specialist. “The market and its existing multi-family housing stock have proven they can withstand virtually anything the economy or housing market might throw at it.”
With new developments popping up in Journal Square, Bergen-Lafayette, The Heights, and beyond it’s safe to say appreciation won’t be slowing down anytime soon.