NEW JERSEY: Starts Way Up? No Big Deal
There'll be 13,500 multifamily starts in NJ this year (up 30% from 2012), yet demand continues to outpace supply, panelists said at Bisnow's NJ Multifamily Summit. Ingerman development principal Lara Schwager (here with Woodmont Properties CEO Eric Witmondt) says her firm is looking at land for development, but towns still prefer for-sale over rental housing. Even though for-sale developers are gobbling up the land, rentals are where young people want to be. "They want to be disconnected from mowing the lawn and plowing snow," she says. Seven to 10 years ago, rentals were taboo, Eric adds, but product now coming online is for renters by choice.