Its a great thing that JC maybe become oversupplied!
A lot of people outside YIMBY don’t understand that oversupply of luxury units is a good thing. It means rents stabilize or even go down across the city.
It’s not good for real estate firms or investors (and sometimes not good for condo owners depending on the market), but for actual individuals needing housing, it’s great. Its like how people say Austin “failed” and had a housing crash. The complaint makes little sense. There’s a built in cultural expectation that housing should always increase in value, but this directly contradicts how to solve the housing crisis.
Also not good though for us who want to see more builds; but ultimately for me I prefer rents not spiraling out of control.
Genuine question, what is the evidence to back that up? (that construction is slowing in JC due to lender/developer hesitancy). Are the new towers coming online recently (The Journal, Namdar buildings) sitting empty due to oversupply? I thought they were leasing up pretty quickly vs. Sun Belt-style oversupply.
For example the 2875 JFK tower just got a $375M loan announced a few weeks ago, Imperial Tower just got $220M last month, and there seems to be a steady pipeline of high-rise construction currently at various stages + new approvals/financing. If they have to start offering some rent reductions & concessions, that seems healthy like nuplex said.
From my understanding the NYC job market continues to grow & it will take years if not decades for NYC to build enough to meet demand. So how low are rents really going to drop in JC? I’m just wondering because it seems very different from the Austin case study because of the scale & growth of NYC.
This article from a real estate agency has some interesting quotes:
As of April 2026, the median apartment rent in Jersey City is $2,745 — down roughly 10% year-over-year per national rent index data*. Class A vacancy across Northern New Jersey has climbed to 10.7%. Two months of free rent — the kind of concession landlords largely stopped offering after 2021 — is back at lease-ups in Journal Square, Hoboken, and along the Weehawken waterfront. … Posted rates of $3,065 to $5,840 for one and two-bedrooms at The Journal have not changed materially. The effective rent has.
New multifamily construction starts in Northern New Jersey have collapsed since the 2022 peak. Matthews’ Q3 2025 report notes that completions are expected to step down sharply after 2025’s final 5,000-plus unit wave. By 2027 and 2028, the supply curve flips — fewer deliveries, fewer concessions, and a return of pricing power to landlords.
There’s a tactical wrinkle worth being honest about. At today’s mortgage rates and current Monmouth, Union, and Essex pricing, the all-in monthly carry on a starter purchase isn’t dramatically lower than the all-in rent on a Class A Hudson one-bedroom.
Specifically about The Journal:
At The Journal — Kushner’s 1,723-unit Journal Square delivery that opened its first tower in mid-2025 and its second in January 2026 — leasing reached the 50% mark by mid-March on the back of two-month free-rent offers.
And also this about some loan repayment issues, though I’m not sure how much this is just due to New York and New Jersey having so much more multifamily than everywhere else and it doesn’t say anything about lenders being hesitant to lend.
Buried in a March 2026 Trepp report on commercial mortgage delinquencies is the line that explains why: New York and New Jersey together account for 48% of all new multifamily distress in the country.
We have Everton opening this year to look forward to, with 50 and 55 Hudson next year. Then we’ll see Harborside 8 and 4. Hopefully, all this new supply will help stabilize rents.
I also saw that people on Reddit just started a thread about buildings offering more concessions. Apparently, many people still refuse to believe that rents are stabilizing.
So it looks like this is going forward. They put a timeline of three years. I think the downtown market is going to go strong for the foreseeable future. What a crazy building boom.
Yeah I hope so. While I don’t like the “streamlined” version of Towers 2 and 3, we need them built. I say this as a Queens resident that just wants as much building stock put to market. Jersey City needs to keep building to apply pressure on NYC.
