Hot Hudson County Rental Market Puts Bayonne, NJ in Spotlight for Value Seeking Renters
BAYONNE, NJ -- A recent study has given credence to the overwhelming popularity of New Jersey’s Hudson River Gold Coast with renters in the New York metro region.
Spurred by post pandemic demand from residents returning to Hudson County cities where culture, dining, nightlife and entertainment are at their fingertips, two waterfront municipalities now rank in the top 10 most expensive rental markets in the U.S., according to a survey by Rent.com.
Topping the list was Jersey City, named the priciest apartment market in the country with an average rent of $5,500. Neighboring Hoboken was listed as the 8th most expensive in the country with average rent of $4,264. Conducted by Rent.com researchers, the study compared average rents for one- and two-bedroom apartments between June 2021 and June 2022. And it’s not just Hudson County that’s seeing the effect of the huge influx of renters to city centers. In Manhattan, a June report indicated the average rental price has risen above $5,000 for the first time in history.
These dramatic price increases have prompted single professionals and young couples to extend their apartment search to neighboring municipalities where high quality and well-amenitized rental buildings located within similarly lively downtown environments are available much more value-laden monthly rents.
Bayonne, NJ, lying in the shadow of Jersey City and just 10 miles and a short commute to Manhattan, has increasingly seen its luxury buildings filled with renters migrating from Jersey City, Hoboken, Manhattan and Brooklyn. Stretching 6 square miles between the Newark Bay and New York Harbor, the city has all the ingredients to tap into the growing number of apartment seekers willing to expand their horizons.
Mass transportation abounds in Bayonne with the Hudson-Bergen Light Rail into Jersey City where PATH trains whisk commuters into Manhattan. Construction is also underway on a new ferry terminal that will service New York City. Route 440 cuts directly through the city delivering commuters to the New Jersey Turnpike extension, with direct access to Route 78 and the Holland Tunnel, as well as into neighboring Staten Island.
Broadway, the heart of Bayonne’s downtown, features local shops and storefronts that mix with brand new businesses and five-star restaurants to create the energetic tone of city living. There’s the Broadway Diner and its famous pancakes, House of Flavor, one of New Jersey’s best vegan restaurants, and a host of tasty ethnic eateries. Outside Broadway, modern shopping centers such as Bayonne Crossing features brand name retailers and services such as CVS, Starbucks, TJ Maxx and more.
Complimenting these lifestyle elements are newly built upscale residential buildings perfectly suited to accommodate the city’s growing attractiveness. These properties are outfitted with all the wants of sophisticated urban renters with designer homes, world-class amenities and commuter-friendly locations.
“Over the past decade-plus Bayonne has introduced thousands of new apartments that have been quickly absorbed by a renting public well aware of the city’s appeal,” said Mitchell Burakovsky of Skye Development LLC, a locally-based developer which recently introduced its latest Bayonne luxury rental building, Skye Lofts North. “With prices in cities like Jersey City, Hoboken and Manhattan reaching record highs, Bayonne is now introducing itself to a whole new segment of renters who see the incredible value they can receive in terms of homes, amenities and lifestyle, without sacrificing all they love about city living.”
At Skye Lofts North homes are attractively priced at $2,185 (net effective) with two months free on a 14-month lease. The eye catching six-story building is now 50% leased. Located at 260 Avenue E, Skye Lofts North is by the historic Broadway corridor and directly behind the 22nd Street Light Rail station.
Residences at Skye Lofts North feature expansive and open layouts with soaring 22’ ceiling heights in the lofts and 10’ceiling heights in the traditional floor plans, lux hardwood plank flooring, and custom kitchens with Frigidaire stainless steel appliances, Quartz countertops, two-toned cabinetry and Kohler faucets. Lavish bathrooms are adorned with porcelain tiled floors, mirrored medicine cabinets and custom vanities. Select homes feature loft-style living spaces.
Skye Lofts North offers a full suite of amenities to create a boutique hotel-like environment. The building offers a Penthouse communal space with an outdoor terrace and rooftop lounge, fully equipped fitness center, and virtual reality game room. There’s also a virtual doorman intercom system, bike storage, private storage and indoor garage parking.”
The Marketing Directors is the exclusive marketing and leasing agent at Skye Lofts North.
For additional information on Skye Lofts North and to schedule an appointment to visit the model home and amenities, please visit www.SkyeLofts.com or call 201-408-9514.