Where are the rentals going?

The rental market is a clear example of supply and demand economics. There is a glut of available rentals, many of them condos, and though the demand was once very high in Hoboken, it is not as high as it once was...not high enough to get all these rentals rented at the higher numbers that they once commanded. Even luxury buildings have seen a decline in their rental prices. Of course, much of this is due to the perception of the public that this is a buyer's/renter's market. Many renters do not want to pay a fee also.

Landlords need to realize that the prices last year do not apply. Rents are down 15% or more. Also, paying a half fee to a realtor, will often get the job done. If your realtor is willing to eat half the fee, and you pay half the fee as the landlord, it is much more likely that you can get the rental rented quickly.

Landlords with tenants in place should definitely consider lowering the rent from last year in order to keep good tenants, despite the recent tax increase which you would normally pass on to the tenants.

We all have to take financial hits right now to keep things moving, but apartments are renting, as long as the price and fee are right.