MONTVILLE, NJ — According to the U.S. Census Bureau, home ownership fell from 69.4% to 64.2% between 2004 and 2018, with an associated rise in renting households from 31.2% in 2006 to 36.6% in 2016. The National Apartment Association has predicted apartment occupancy rates of 94-95% in 2019 and rent growth of 2-3% on average, with continued strong demand for apartments this year, even with more supply coming online.
Reflecting that shift away from home ownership to renting, New Jersey’s residential rental market is hot, with an explosion of new construction of apartment buildings across the northern and central parts of the state. Among the newest is Summit Court, a luxury apartment community in Union.
Managed by DP Property Management, LLC in Montville, Summit Court is meeting the market demand for more rental units, as well as resident expectations for upscale on-site amenities—the type of amenities that are attracting the millennials and empty nesters fueling New Jersey’s luxury rental market.
“Many younger working adults and older adults who used to own a home want the freedom that comes from renting in a professionally managed building, without the burden of home maintenance and repair, a mortgage or homeowner association dues,” said Nicholas Minoia, founder and principal of DP Property Management, an affiliate of Diversified Properties, LLC.