The New York Post sees Bayonne as on the cusp of a real estate renaissance.
In a recent report profiling a couple who moved to Bayonne in 2004, the newspaper said that the city has “long held loads of potential,” citing the Light Rail, and number of developable land parcels, but “legal battles, lackluster efforts and economic downturns” have hampered its progress in the past.
But the report said there are signs “that Bayonne’s time has at last arrived,” citing the redevelopment of the Military Ocean Terminal, as well as the many other projects currently being built around the city.
Around 1,000 residential units are being worked on this year, while another 2,000 to 3,000 apartments will be added over the next five years, the city Business Administrator Joe DeMarco said in the report.
The city’s rental costs are also significantly cheaper than Jersey City — $1,800 for a one-bedroom and between $2,200 and $3,000 for a two-bedroom, whereas similar units in Jersey City cost between roughly $2,500 and $3.500, the report said.