At $1,284, real median gross rent in New Jersey was at its highest level in 2017 since the metrics were first tracked in 2005. In 2018, the $1,308 real average gross rent in New Jersey was at its highest level since 2017.  

The median rent metric looks to capture the state of rental rates in the middle of the distribution.

New Jersey Rental Vacancy Rate 

The rental vacancy rate is the fraction of homes for rent that are not occupied. In 2017, the rental vacancy rate for New Jersey was 4.45% according to Census ACS data while the average U.S. rental vacancy rate in 2017 was 6.18% nationally.

New Jersey's 4.45% rental vacancy rate was 1.64% lower than was reported for 2014.

Overall, New Jersey has the 3rd highest rent in the country out of 56 states and territories. The Fair Market Rent in New Jersey ranges from $1,200 for a 2-bedroom apartment in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD to $1,746 for a 2-bedroom unit in Middlesex-Somerset-Hunterdon.

A closer look at the rental market for New Jersey for 2019 puts the Middlesex-Somerset-Hunterdon, NJ Metro Fair Market Rate Area (Somerset County) rent for a studio or efficiency at $1,148 per month and $2,600 per month to rent a house or an apartment with 4 bedrooms. The average Fair Market Rent for a 2-bedroom home in New Jersey is $1,432 per month.

A good part of the reason for rising rents is due to the strong housing market. CNBC reported that "Home prices in January rose at the slowest pace in nearly seven years, but buyers shouldn't feel too confident just yet. Prices might be on the verge of picking up yet again."

Home values in January were 4.4% higher than a year earlier, smaller than the 4.7% annual gain in December, according to CoreLogic. Price gains have been shrinking since April, when they peaked at a 6.6% gain. January's read was the smallest gain since August 2012.

The supply of entry-level homes for sale is still extremely low and inventories in many New Jersey counties have still not recovered to the levels considered to be normal. In Monmouth County, the average days-on-market is under 4 months. Until supply begins to balance out, rents and home prices will continue trending higher.

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Business today functions within an environment of disruption, trends, information, fads and frequency.

But one thing is sure: no one strategy will give you the momentum to grow your business and your marketshare. It will ultimately come down to a secret sauce comprised of social media, customer service, sales, advertising and building a robust personal network.

An article by Dr. Stephen Kalaluhi believes that 'exposure,' or what I refer to as visibility, is for him a linchpin of his sales funnel. He states, "But no matter how good your product or service is, if no one knows who you are, no one can or will buy from you. Same thing holds true for those of you who believe in customer service."

The capacity of a business or person to increase their visibility isn't an accidental process of throwing enough spaghetti on the wall, hoping some of it sticks.

Because of social media today, everyone has access; not the same size footprint, but the same access. This is called the democratization of marketing.

For some, their footprint begins with their LinkedIn profile. LinkedIn gives you the ability to not only post your company news, but also articles, videos, graphics. Whatever format works best for you and your prospect base you can employ.

Some proactive agents are uploading videos of home listings, which become virtual open houses for everyone in their network. So the bigger your network, the greater the exposure or value visibility becomes for the agent. There is also the other value-added benefit: agents demonstrate their ability to get the listing out into the mainstream, and that demonstrates street cred to the agent.

But it is not just how many times you post, but what you post, and what that post communicates about your business and what your customers receive through your service. So, social media gives to your audience market value even before they become a customer. And value goes beyond putting out a bunch of pictures, stats and news; value visibility brings together all three aspects of social media, offering an understanding that can lead to opportunity.

No one likes to be sold, but everyone loves an opportunity.

Facebook offers many of the benefits of LinkedIn, but also the ability to go beyond your own network through an advertising campaign. That campaign can engage the audience by giving them the ability to repost, comment, like and share what you have put up there. People may not repost your virtual open house, but if you provide the metrics and stats on certain neighborhoods, that may become a shareable event.

So value visibility creates a runway for new prospects to visit and potentially engage with you about your products and services.

Let me close with Dr. Kalaluhi, who states, "Exposure is king. Until you have enough exposure, nothing else matters. Here's the truth: Getting your foot in the door becomes exponentially easier when those you're calling on recognize your company's name. Getting in front of decision-makers is exponentially easier when your company's reputation precedes you. Closing a deal is exponentially easier when your prospective client already knows about you what they need to know."

This article was written by Anthony DiMaio, a writer, author and branding specialist.

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