Rental Apartments Demand in Bergen County

Home > Bergen County Real Estate News > February 2007 - week 2

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Bergen County: a rise in demand for rental apartments
Bergen County: a reason to celebration for homeowners
Teaneck plans to change township plan
Teaneck worried about route 4 bridge condition
Bergen County's Meadowlands: developments' money taken, not used

Bergen County: a rise in demand for rental apartments

Bergen County and other parts of North Jersey forecast rise in house rents in the months to come. As per annual apartment report estimates, rents in North Jersey will rise by 3 percent while vacancy rates will remain below four percent. Though rent control laws are in place the figures are still quite high and growing for low and middle-income groups in the region.

As the housing industry throughout the nation suffers, the picture is a little brighter for rented houses in North Jersey mainly because of its proximity to the busy area of Manhattan. Demand for apartments has decreased and many prefer to continue staying in rental apartments.

The main reason for this could be accorded to decreasing available land and increasing housing projects coming up. A few upcoming housing projects include a $6.5 million project in Ridgewood and $11.5 million project in Hackensack. Two large rental projects in Englewood are also coming up at the Towne center in downtown area and Brownstones. Both are luxury housing projects and rents begin at approximately $1700.

Rental apartments show a growing trend and a rising figure with statistics showing that in Bergen County itself, one-third residents live in rented apartments. Percentages of rented apartments in Passaic county, Morris county and Hudson county stands at 47%, 22% and 6.6% respectively.

Bergen County: a reason to celebration for homeowners

Bergen County values continue to surge, say a property revaluation in twelve municipalities conducted in the year of 2006. Today as property values in Bergen County continue to surge, officials are hopeful that this would lead to a much-needed curb in tax increases.

As per the proposed plan for 2007, an average house assessed at $337,000 would have to pay an additional $16 in tax. This means that the overall tax increase has been noted at $24 million or 8% over last year. This growth is also affected by rising job vacancies and reduction in approximately 80 of the proposed full time job vacancies.

Various other increases include rise in health insurance, pension, debt services and education. However, now this hike would be balanced by the surge in property values, new constructions and additions of houses. The other declines include a reduction in the realty transfer fees that have gone down by $1.3 million.

Teaneck plans to change township plan

Teaneck plans to make a few revisions and changes in its township master plan. Various meetings are being considered in the month of February for finalizing ideas for the plan of the township. If things go as intended, then this would be the first detailed review of the master plan by the planning board in thirteen years. While the plan had been updated six years ago, a detailed review is still much needed.

As per schedule, public hearing would be conducted on February 8, 2007 at the Thomas Jefferson Middle School and on February 22nd at the Teaneck High School. Voting on the revisions by members of the planning board would then be conducted after the February 22nd hearings. Once the revisions are voted upon, the final results of the desired outcomes would be put up for public review at the township hall. The details will also be made available online at www.teanecknjgov.org after a few days.

Teaneck worried about route 4 bridge condition

Teaneck residents are worried about the condition of route 4 bridge, and think that the bridge is not safe to use. In this regard, the state transportation commissioner has promised citizens of Teaneck, that the decaying bridge would soon be replaced.

Additionally, the state transportation authorities have allocated $1 million for pedestrian improvements along the highway. As per Kris Kolluri, the transportation commissioner, top priority would be accorded to the bridge, which runs across CSX railroad tracks, Palisade Avenue and Windsor road. He added that the bridge was ranked the 37th worst among the 3000 bridges in the state system.

Addressing the concerns of people, he said that while decaying and structurally defective, it was quite safe for commuters to use. He also stated that the project work would cost $30 million for completion. Besides this major undertaking, public sidewalks, pedestrian crossings, bus stops and stairways along the highway would also be repaired.

Bergen County's Meadowlands: developments' money taken, not used

Bergen County's Meadowlands residents are indignant of EnCap Golf (subsidiary of Cherokee Investment Partners), a real estate development company from North Carolina after it received huge sums in the form of state support for development of an upcoming project.

The main contention with the payment, which is in millions of dollars, is that while the organization has taken money for various works like disposing dredge spoils, none of them have completed as yet. As per the proposal of the project, the 800-acre site would include luxury housing and resort hotels also. Another major issue is the various financial arrangements between the state and EnCap. It has been confirmed that the governor’s office has referred the matter to the inspector general.

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