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Investment activity and record occupancy levels converged in 2025 boosting the New Jersey multifamily market, according to a new report from Cushman & Wakefield based on CoStar data.

Total sales volume in the sector reached $2.3 billion last year. The uptick reported in the New Jersey Multifamily MarketBeat Year-End 2025 paper represents a 136.2% year-over-year increase. Living up to its name, the New Jersey Gold Coast accounted for $896.6 million in transactions.

Statewide occupancy hit an all-time high of 94.1%, Cushman said, up 300 basis points year over year.

Cushman & Wakefield Vice Chairman Niko Nicolaou highlighted three main contributors bringing investors back from the sidelines last year: “[s]table fundamentals, tightening occupancy and the long-term appeal of New Jersey’s transit-oriented, supply-constrained submarkets.” The co-head of the Northeast Multifamily Advisory group also called attention to the Gold Coast, in particular.

Looking ahead, “We expect disciplined pricing and well-located assets to continue attracting strong institutional interest in 2026,” Nicolaou added.

Across the state, average effective rent reached $3.07 per square feet, a 1.0% annual increase. Even as rent growth moderates from post-pandemic peaks, Cushman & Wakefield noted a continued positive trajectory. Moving into 2026, it said the figured increased to $3.11.

North Jersey continued to outperform:

• Posted 94.8% occupancy
• Effective rates of $3.43 per square foot
• Robust renter demand, ongoing development activity
• 77,000 in current development pipeline
• 2,066 units delivered in Q1 2026

Meanwhile, in Central Jersey:

• 92.3% occupancy
• Effective rates of $2.31 per square foot
• New deliveries active across Middlesex, Monmouth and Somerset counties
• Occupancy rose an additional 10 basis points in Q1 2026

As rent growth paced, CushWake Managing Director Ryan Dowd said “the story of 2025 was the re-opening of the transaction market.”

The Northeast Multifamily Advisory Group co-head cited improved clarity in the debt market and motivated sellers as catalysts. “That momentum, combined with record occupancy and limited long-term supply in core submarkets, sets a constructive tone for multifamily investment across New Jersey this year.”

Recent deals announced in 2026 include:

• The Summit in Maplewood– $12.75 million
• The Waverton in Secaucus – $48 million
• The Grove in Piscataway – $35.1 million
• Annin Lofts in Verona – $56 million

As for the busy Gold Coast, Marcus & Millichap noted Hoboken and Jersey City banning algorithm-based rent-setting software, like RealPage, could potentially reduce operating efficiency via increased administrative burden.

“Less restrictive cities such as Bayonne may attract additional capital, benefiting from improved connectivity as a new ferry terminal opens and construction is slated to begin on the Newark Bay Bridge expansion in 2026,” M&M’s North Jersey report anticipated.