New Jersey’s suburban communities are on a roll, at least when it comes to real estate.
The push into the suburbs that bolstered the Garden State’s home buying market in 2020 has also given momentum to a specific type of rental property: new-construction luxury buildings in non-traditional markets. These buildings offer upscale interior spaces, creature comforts and lifestyle amenities more typically associated with markets such as Manhattan, Hoboken and Jersey City.
And while the New Jersey Gold Coast is undeniably still a popular place to live, these suburban renters enjoy enhanced value, larger living spaces and a less congested environment. The trade-off is a location further from Manhattan, but real estate developers are mitigating that factor by building near shops, restaurants, mass-transit options and major employment centers.
Here are five towns where luxury rental communities are reporting stronger than expected leasing numbers and what new residents can expect to find there:
Teaneck, NJ – One500
If a diverse, tight-knit community with four distinct shopping and dining districts and half a dozen parks and green spaces five miles from the George Washington Bridge sounds good, Teaneck may be the place for you. Strolling through the town will take you down tree-lined streets, past eclectic eateries and a small-town movie theater, and through an eco-art park with nature trails and sculptures. Buses whisk residents to and from Manhattan in about 30 minutes.
Teaneck offers a variety of housing types, ranging from seven-bedroom mansions priced upwards of $4 million to two-bedroom condos priced in the mid-$200s. One500, which opened this fall at 1500 Teaneck Road, is the town’s most recent luxury rental offering. A collection of well-appointed studios, one and two-bedroom residences, with den layouts, balconies and patios offered in select residences, is available at monthly rental rates starting from $1,995. Current incentives include a one month free on a 13-month lease. Renters enjoy amenities such as a social lounge, business lounge, coffee bar, billiards, party room, children’s playroom, fitness center, pet spa, and a lushly landscaped terrace with BBQ grills, outdoor dining areas and fire pits. www.RentOne500.com.
Piscataway, NJ – The Grove at Piscataway
There is a lot to like about Piscataway Township if you don’t mind doing some exploring. The town is 19 square miles of distinct residential neighborhoods with a variety of services, stores, and outdoor recreation spaces. Johnson Park, at the township’s southern border, is the ideal place to spend a sunny afternoon. Visitors will find sports fields, picnic groves, playgrounds, a petting zoo and 2.5 miles of walking and biking trails, all overlooking the Raritan River. The town is home to Rutgers University’s Busch and Livingston campuses, and just a short drive from downtown New Brunswick.
Home buyers choose Piscataway for its highly rated public schools, affordably priced single-family homes, and location near several major highways. For renters, the township’s newest community to open, The Grove at Piscataway, is offering grand opening rents from the $1,800s, with limited-time incentives of up to two months free, based on a 26-month lease. The modern residences at The Grove offer open-concept layouts, in-unit washer & dryer, and kitchens with full-height tiled backsplashes and built-in wine storage. Amenities include a co-working lounge, fitness center, dog spa, children’s playroom, and a clubroom with a bar, billiards and a lounge. www.RentAtTheGrove.com.
Morristown, NJ – 30 Court
Morristown is a quiet suburban town with one of the most vibrant, hip, and thriving downtowns in New Jersey, a paradox that begins to make sense as you roam its historic streets. Community life is centered on Morristown’s famed “Green”, a 2.5-acre park in the heart of the town. Upscale dining, shopping, art, culture and entertainment can be found on the perimeter of the Green and throughout the downtown. NJ Transit’s® Morristown train station offers direct service to New York Penn Station in about an hour and proximity to Route 287 and Route 24 makes it easy for residents to commute elsewhere in the state.
Morristown oozes colonial charm and that shows in its housing stock. Multi-million-dollar homes are plentiful, but there are also several houses priced near the $500,000 mark on the market at any given time. The condo market offers a full spectrum of choices as well. Morristown’s newest luxury rental building, The Residences at 30 Court, is perched on an elevated property two blocks from the Morristown Green. The collection of 58 two-bedroom and two-bedroom-plus-den floorplans offers light-filled floorplans with upscale features, as well as lavishly appointed penthouses. Residents enjoy a fitness center, clubroom, entertainment lounge, landscaped courtyard and outdoor kitchen, among other amenities. Net-effective monthly rents start at $3,825 which includes a limited time Grand Opening incentive of 1 month free on a 13-month lease. www.30court.com.
Bogota, NJ – The Atwater
Shaped by the contours of the Hackensack River, Bogota is a .813 square-mile borough in Bergen County that offers small town living just five miles from Manhattan. Though mostly laid back and residential, it is home to many local restaurants, bars, boutique shops and services, including Luka’s Italian Cuisine and Riviera Maya’s authentic Mexican fare. Residents have access to major retailers and restaurants just minutes away at the Garden State Plaza, Paramus Park Mall, and The Shops at Riverside®. Oscar E. Olsen Park is the crown jewel for Bogota’s outdoor recreation, offering a scenic walking path, playground, basketball and tennis courts, picnic areas, and what will soon be a brand new 15,000 square-foot recreation center. The George Washington Bridge is less than ten minutes away and NJ Transit bus service is available via the 182 and 167 lines into the New York Port Authority Bus Terminal.
Home to just over 8,000 residents, Bogota’s tree-lined streets are dotted with Victorian and Colonial-style single-family homes. The borough’s newest modern rental building, The Atwater, just opened for leasing in November. It delivers 303 luxury rental apartments overlooking the Hackensack River, at opening monthly rents starting from $2,020 with grand opening incentives that include 1 month free. More than 30,000 square feet of the property is dedicated to amenities such as a clubroom, resident lounge with fireplace, fitness center, yoga studio, game/arcade room, indoor/ outdoor business center with co-working spaces, a heated pool, outdoor theater, fire pits and a riverfront walkway. www.theatwater.com.
Raritan, NJ – The Crossings at Raritan Station
Raritan is a borough of just over 7,000 residents in Somerset County, along NJ Transit’s Raritan Valley train line. It borders Somerville to its East, a town well-known for its thriving downtown teeming with restaurants, shops, nightlife and entertainment options. Raritan residents certainly frequent downtown Somerville, but Raritan has its own charming main street as well, Somerset Street, where you will find bakeries, an espresso bar, an ice cream shop, a craft store, a music store, restaurants and more. Raritan Station offers NJ Transit rail service to Manhattan and Newark Penn Station. Half a dozen major highways are easily accessible to motorists, making it convenient to travel anywhere in the state, or to New York City via the Lincoln Tunnel, about an hour away.
Raritan is popular with families who delight in its small-town atmosphere and location in the acclaimed Bridgewater-Raritan school district. Single-family homes in Raritan tend to range in price from the $200s to the $600s. The town is about to hit the radar of young professionals and others who prefers the rental lifestyle, with the debut of The Crossings at Raritan Station. The Crossings will deliver a collection of 256 studio, one- and two-bedroom luxury rental residences to a location just steps from Raritan Station. Apartments will include stylish finishing touches such as quartz kitchen counters and subway tile kitchen backsplashes. A long list of planned amenities includes a lobby/lounge, fitness center, bicycle share program, and multiple landscaped courtyards. Monthly rental rates have yet to be announced, but leasing is expected to launch this winter and limited-time grand opening incentives will be available. www.CrossingsRaritan.com.