Those of you who have been following my newsletters know by now that Hoboken is experiencing and interesting (although not uncommon) trend right now in Real Estate. Simply put, rental prices are higher than they’ve been in years, whereas sale prices are the lowest they’ve been in just as long.
With more news of declining prices due to the glut of foreclosures expected to splash onto the market in the coming months, many homeowners are justifiably hesitant to sell their homes right now.
However, more homeowners are looking at a second option that will allow them to move without selling, and possibly even make some extra income in the process. For the first time in years, rents in some areas are high enough to cover the costs of ownership and possibly more. As discussed in this interesting article, those areas include Hoboken and other areas in the NYC metro region. Read more