Sandy Still Affecting NJ Rental Market
By Phil Gregory, WBGO News
May 8, 2013
Superstorm Sandy is still having an impact on renters at the Jersey Shore.
Donna Blaze is CEO of the Affordable Housing Alliance in Monmouth County.
She says many renters displaced by the storm relocated out of the area.
“Those that remain that were borderline moderate income are now being displaced subsequent to the storm because the market is so tight in terms of rental housing that the landlords now have the capacity to raise rates to a new market level.”
Blaze says that may change who lives at the shore.
“With a zero percent vacancy rate and the rents as high as they are and already being in a state which is one of the most expensive places to live in America, the competition is just going to be too great for the low and moderate-income person to seek housing.”
Blaze says many renters who’ve relocated elsewhere may never return.
“If you move to Pennsylvania or Delaware or New York or Connecticut or some place and it takes three to four year for you units to be rebuilt than the likelihood is you’re not going to come running back.”
Blaze says the departure of renters will affect the local labor pool.
“As the amusement parks and as the restaurants and as the retail shops come back on line there’s going to be a limited number of people to be available to work in those things and they’re not the kinds of jobs that justify you commuting 40 miles to.”