Theres been a shift in the local Montclair NJ Real Estate Market. I as a realtor just took notice today. Yes the market is getting stronger, interest rates are extremely low and prices are also down. Its a great time to buy if you have some extra cash. But what no one is really talking about is the rental market.
As a consumer it is important to remember that as the sales market slows down, then the Montclair Rentals increase. For example if you did not own your Montclair House you would then be forced to rent( or live in your car). For the past few years we have watched Montclair Homes for Sale decrease in price, contracts have slowed and our buyer pool has shrunk to half of what it was in 2006. So where did all these residents go? They are renting Montclair Houses!
The Montclair rental market has just raised its prices, the average 1 bedroom apartment now goes anywhere from $1200-$1800 (loft), two bedrooms can range anywhere from $1600-4000 (high end townhouse). Looking for a Three bedroom apartments you can spend $1850-$2,800. Wow! Need a single family home? The Garden state MLS has a Montclair rental listed at $9990 a month.
I have been working rentals in Montclair New Jersey since 1997, and I can tell you Now is the Time to Invest in Montclair Multifamily Homes.