Saturday, 25 November 2017

Bergen County Rental Costs: Rising or Not?

Written by Posted On Thursday, 24 August 2017 23:57

Are Bergen County rental costs rising or not? The short answer is yes, the rental costs in Bergen County are rising.

According to a zillow.com analysis, the median home value in Bergen County is $460,500, and the median price of homes currently listed in Bergen County is $549,000Bergen County home values have gone up 6.5% over the past year and predicts they will rise 4.5% within the next year. The median rent price in Bergen County is $2,500, which is lower than the New York Metro median of $2,990. That’s almost a 20% price difference between the two median rent prices.

Partially due to rising housing costs, New Jersey has seen a trend in multi-family housing, specifically in the high-end apartment market. Another reason for the increase in luxury apartments is the millennials are a rental housing generation with a late start on careers, large student loans and having a good time being single make them financially incapable for home ownership.

For those of you searching for a high-end, however reasonable priced, luxury apartment rental, look for the Fort Lee skyscraper complex at The Modern. The Modern Tower A was completed in 2015 with the height of 498 feet tall and 47 stories. The largest Bergen County project is The Modern Tower B scheduled for completion this year.  The two towers will be separated by a 1.75-acre public park. The architectural firm of Elkus Manfredi Architects designed the project, SJP Properties the developers and the total cost will be $239 million upon completion of both towers. The Modern offers studio, one, two and three bedroom floor plans with quality interiors. The one bedroom has six different floor plans to choose from and all six floor plans are approximately 800 square feet.

Again, yes, the rental costs in Bergen County are rising but that doesn’t mean you can’t find value. Check out the website for high-end value and luxury living at The Modern .

Listing Additional Info

  • State: New Jersey
  • Address: 800 Park Avenue
  • City: Fort Lee
  • Zipcode: 07024
  • SOLD: no
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