M id A tlantic Real Estate Journal — Owners, Developers & Managers — 2016 Governor’s Conference — August 26 - September 15, 2016 — 19B 2016 G overnor ’ s C onference
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here is no question that multifamily hous- ing has enjoyed un- David Brogan is the executive director of the New Jersey Apartment Association NJAA’s Brogan to highlight strong demand for multifamily apartments at Governor’s Conference T shift in demographics and preferences, as well as afford- ability.
owners. Changing Preferences: Residents are no longer look- ing for sedate bedroom com- munities. Rather, they are increasingly seeking housing in dynamic communities that offer amenities, nightlife and mass transit. As such, it comes as little surprise that much of our housing construction has been in the “Gold Coast” along New York City, particularly focused in municipalities such as Hoboken and Jersey City. Affordability: Home prices are still relatively high and property taxes continue to rise, leaving residents with
difficult choices for housing. When comparing home owner- ship to rental housing in New Jersey, apartments provide an affordable solution. New Jersey’s apartment industry offers a myriad of options from low-income affordable apart- ments to moderately priced units, to high-end luxury rent- als. This wide range of options helps renters find housing that is right for them without the long term obligations associ- ated with a mortgage. While the rental housing market remains strong, we need to see sustained eco- nomic development and job
growth in order to allow a growing population to support its overall housing demand. Furthermore, we need to see housing policies that support investment in new construc- tion, reinvestment in existing properties, and a renewed emphasis on the creation of affordable housing. The New Jersey Apartment Associa- tion is the oldest and largest association solely dedicated to promoting the multifamily apartment industry in New Jersey, and we will continue to promote policies that sup- port a strong and dynamic multifamily housing sector. n
precedented s t r e n g t h s i n c e t h e 2007 - 2009 recession. As demand for single-fam- i l y h ome s plummeted, multifamily
Demographics: Demo- graphic trends are boosting demand for rental housing. Married couples with children now represent only twenty percent of households. Fur- thermore, data suggests that people are marrying and hav- ing children later in life, which makes apartments more suit- able for longer periods. There has also been a significant increase in household forma- tion among 20-29 year-olds (“Millennials”), who are much more likely to be renters than
David Brogan
apartment demand has in- creased throughout the United States and in New Jersey. But that strong demand was not just a cyclical phenomenon, it was driven by a fundamental NJ accelerators offer launching pads for companies TRENTON, NJ — Indica- tive of the influx of emerging technology companies within New Jersey and collaboration among the state’s entrepre- neurs, accelerators are crop- ping up throughout the Garden State as a way to support tech- nology startups as they grow. Accelerators can provide early-stage technology compa- nies with capital, mentorship, business training, key services and exposure to qualified inves- tors, which will increase the value of an enterprise and the likelihood of follow-on funding. “Long seen as a leader in innovation, New Jersey is fer- tile ground for up-and-coming entrepreneurs to launch their businesses,” New Jersey Eco- nomic Development Au- thority (EDA) chief executive officer Melissa Orsen said. “Along with a collaborative environment and a multitude of resources, accelerators offer yet another tool for emerging companies to grow and thrive in the Garden State.” n Owners, Developers &Managers
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