Palisades Park is one of the rarest towns whose rental ratio tops as high as 58% (cf. 38% owned). It is the 3rd highest in Bergen County, following Hackensack and Fairview.
In the past 2 years, residential sales volume tumbling half to half each year, rental market absorbed some of its impact and grew by more than 50% compared to the housing bubble period before the 2nd quarter of 2006.
Although the number of "active" rental items on the market does not increase or decrease abruptly---84 items today, Palisades Park rental market moves fast. Whatever some decent item, in terms of location, price, and move-in conditions, comes up in the market goes away instantly. Even in some cases, several offers compete, with some casualties left behind. There seem to be so many prospective tenants waiting.
However, rent seekers would not hastily take a bad-move-in condition residence, no matter what other favorables, such as prices or locations. Items deemed no good hardly attracts interests. Overpriced items either stay long on the market or survive only after their significant price reduction. Location also is an important factor, for instance, how far away from Broad Ave.
Whoever wants a satisfactory rent in Palisades Park has to constantly pay attention to the market!!!
Do J Lee
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