State-Level Cost of Living Indices my have meaning if your “state” is Washington, DC. However, if your state is California, or even New Jersey or Massachusetts, putting all rents in a blender and producing one average has little predictive meaning. That said, the small size of NJ and the wealth in pockets near NYC and Philadelphia will land us on a list of high-priced states.
Brand new apartment rental prices
Morris County Cost of Living Series
The apartments submitted for 1Q19 were all in Morristown. Complexes had to be 10 years old or younger. There are none like this in the Township. Yet. We’ll see what comes of the proposal for 199 units to be built in the parking lot of The Madison Hotel.
The Regency would be the name of the luxury apartment complex. It would be adjacent to NJ Transit’s Convent Station train stop. Transit villages are considered smart growth. .
Meanwhile, back in 1Q19, the apartment buildings used for the COLI study were:
- Highlands at Morristown Station
- Modera 55
- Modera 44
- Morristown Gateway
- The Metropolitan Lofts
- View Point Terrace
- The Monroe
- Metropolitan at 40 Park
Here’s why these particular apartments were chosen. Our instructions were:
Apartment complexes sampled should be suitable for a childless professionals earning in the top 20%. In particular, these complexes must meet the following specifications:
• Location should be suited to a professional or managerial couple in terms of commuting, shopping, entertainment needs, and neighborhood quality.
• Building age should be no more than 10 years old.
• Size: 950-sq.ft. If units in your sample differ from this size, prorate to a 950-sq.ft.equivalent rent. Units smaller than 850sq.ft. or larger than 1,050 sq. ft. shouldn’t be included.
• Description: Unfurnished; two bedrooms; 1½ or two baths; stove and refrigerator furnished.
• Utilities: Rent excludes all utilities except water and sewer. However, in Morristown, water and sewer are not normally included. We obtained an estimate of $30/month.
• Extra charges for parking spaces are not included.
• Lease term: Report monthly rent for a 12month lease.
For more on the Convent Station Plans – see below